Tata Steel 2016-17

M
Fi
Hu
na
an
m
nc
uf
an
ac
ia
lC
tu
Ca
ap
re
pi
ita
ta
Ca
l
l
pi
ta
l
Towards a
Sustainable
Future
l
ta
pi
Ca
p
l
hi
ta
ns
pi
tio
Ca
l
ita
la
ap
ua
Re
lC
ct
&
lle
ra
l
cia
tu
te
In
Na
So
Integrated Report &

Annual Accounts 2016-17
110th Year
OUR APPROACH
TO REPORTING
Tata Steel has been publishing Reporting Principle Reporting Period

Sustainability Reports following The financial and statutory data The financial information is reported
the Global Reporting Initiative (GRI) presented in this Report is in line for the period April 1, 2016 to
Framework since 2001. Commencing with the requirements of the March 31, 2017. Some parts of the
last year, we transitioned towards Companies Act, 2013 (including non-financial information including
Integrated Reporting. This is our the rules made thereunder), Indian Directors Report are provided as on
second year in the journey of Accounting Standards, the Securities May 16, 2017. Comparative figures
publishing the Integrated Report. and Exchange Board of India for last 3 to 5 years have been
Through this Report, we aspire (Listing Obligations and Disclosure incorporated in the Report to provide
to provide to our stakeholders Requirements) Regulations, 2015 a holistic view to the stakeholders.
an all-inclusive depiction of the and the Secretarial Standards. The
organisations value creation non-financial section of the Report Scope and Boundary
using both financial and non- is guided by the framework of the This Report is for Tata Steel India,
financial resources. The Report International Integrated Reporting including the Tata Steel plants
provides insights into our key Council (IIRC) and encompasses the (at Jamshedpur, Jharkhand and
strategies, operating environment, key performance indicators as per Kalinganagar, Odisha), Raw Material
material issues emanating from GRI, UN Sustainable Development Divisions and Profit Centres.
key stakeholder concerns and the Goals, Securities and Exchange Board
respective mitigation strategies, the of India and World Steel Association. Our approach to Materiality
operating risks and opportunities, The Report presents an overview
governance structure and the In order to optimise governance of our business and associated
Companys approach towards oversight, risk management and activities that help in long-term value
long-term sustainability. controls, the contents of this Report creation. The Report also captures
have been reviewed by the members imminent issues and their possible
of the Enterprise Management impact on our operations, so as to
Council consisting of the Managing enable investors and other interested
Director (India & South East Asia), stakeholders to make informed
Group Executive Director (Finance, decisions with regard to their
Corporate & Europe), Company engagement with the Company.
Secretary and other Senior Executives
of the Company.
Independent Assurance Forward Looking Statements

Assurance on financial statements has been Certain statements in this Report regarding our business operations may constitute forward-looking
provided by independent auditors Deloitte Haskins statements. These include all statements other than statements of historical fact, including those regarding
& Sells LLP and non-financial statements by Bureau the financial position, business strategy, management plans and objectives for future operations.
Veritas (India) Private Limited. The certificate issued Forward-looking statements can be identified by words such as 'believes', 'estimates', 'anticipates', 'expects',
by Bureau Veritas (India) Private Limited is available 'intends', 'may', 'will', 'plans', 'outlook' and other words of similar meaning in connection with a discussion of
on our website www.tatasteel.com future operating or financial performance.
Forward-looking statements are necessarily dependent on assumptions, data or methods that may be
incorrect or imprecise and that may be incapable of being realised, and as such, are not intended to be a
guarantee of future results, but constitute our current expectations based on reasonable assumptions. Actual
results could differ materially from those projected in any forward-looking statements due to various events,
risks, uncertainties and other factors. We neither assume any obligation nor intend to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.
INTEGRATED STATUTORY FINANCIAL
REPORT 1-64 REPORTS 65-160 STATEMENTS 161-351
Highlights of FY2017
(Consolidated)
DELIVERIES
23.88 MnT Contents

INTEGRATED REPORT
Performance Highlights 2
REVENUE
About Tata Steel 4
`1,17,420 Cr. Board of Directors

Chairman's Message
8
10
A Dialogue with Management 11
Business Model 14
EBITDA
Principal Activities and Revenue Streams 16
`17,025 Cr. Key Market Segments

Our Footprint
Our Approach to Value Creation
18
19
20
Stakeholder Engagement 22
EMPLOYEES Interlinkage Between Strategies & Capitals 24
70,000+
Our Strategy 26
Strategy Planning and Deployment 27
Drivers for Growth 28
Risks and Opportunities 29
NEW PRODUCTS LAUNCHED People 30
51
Growth & Customer Focus 36
Operational Excellence 40
Innovation 44
Responsible Behaviour 48
NUMBER OF LIVES IMPACTED THROUGH CSR Way Forward 58
1.1 Mn+
Sustainability Governance 60
Awards and Recognition 64
LTIFR* STATUTORY REPORTS

Directors' Report 66
39% From FY2010 Annexures 88
FINANCIAL STATEMENTS
Financial Highlights 161
Jamshedpur Steel Works- Standalone 165
first and only integrated Consolidated 247
steel plant in India to be rated Notice 353

Platinum by GreenCo
assessment conducted by
CII-Green Business Centre
Steel Industry Leader in the

Dow Jones Sustainability Index
for the year 2016.
* Lost Time Injury Frequency Rate
PERFORMANCE HIGHLIGHTS
PERFORMANCE HIGHLIGHTS
(Tata Steel India)
Financial Capital
We generate our financial capital annually in the form of surplus arising from the current business operations and financing
activities, which includes restructuring of debts aligned with the market conditions and other investments.
TURNOVER PAT EBITDA CAPEX
`53,261 Cr. `3,445 Cr. 22% `3,173 Cr.

Higher as compared to FY2016, due Increased by 2.6 times, as Due to supportive realisations and
to commencement of operations compared to FY2016 , primarily strong growth in deliveries
at Tata Steel Kalinganagar (TSK), on account of improved
higher production of Chrome realisations, higher deliveries
Concentrate and Ferro Chrome and lower exceptional charges
with improved demand in the over previous year
international market
Manufactured Capital
We continually invest in our integrated steel plants, consisting of our iron making, steel making and rolling facilities,
warehouses, along with the logistics operations, while ensuring safety and reliability of the operations.
NEW STEEL MAKING TOTAL CRUDE STEEL SAVINGS THROUGH

CAPACITY COMMISSIONED PRODUCTION IMPROVEMENT PROJECTS SALES
3 MnTPA 11.68 MnT `3,400 Cr. 7.7 MnT

Flat products at Kalinganagar Target achieved due to stable Across the value chain Flat Products
(BF-BOF route) operation of Jamshedpur plant and
3.3 MnT
ramp up of Kalinganagar plant
Long Products
Intellectual Capital
Our thrust on innovation and research is of paramount importance for our product development and it also reinforces
our operational efficiency and resource optimisation drive, while adhering to the Standard Operating Procedures.
We incorporate customer requirement in our product development. We also collaborate with experts, academia and
think tanks for our R&D efforts.
REVENUE FROM NEW
PATENTS FILED PATENTS GRANTED R&D SPEND PRODUCTS
870 360 `681 Cr. 5%

(Cumulative till FY2017) (Cumulative till FY2017) (Cumulative from 2011) (New Products: Products
developed in last three years)
2 INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR

Human Capital
Our people form the core of our operations. We invest in employee welfare and happiness to drive performance excellence.
Our work culture ensures safety, health, competency enhancement and overall well-being of our employees.
EMPLOYEES INVOLVED
SKILLED IN IMPROVEMENT
SAFETY HEALTH INDEX DIVERSITY MANPOWER INITIATIVES
19% ~2% 15% ~100% 92.5%

Increase in LTIs Improvement in FY2017 Increase in women
5
over FY2016, due to workforce as compared
focused awareness and to FY2016
intervention programmes
Fatalities
Relationship Capital
We believe in building long-term, transparent and trust based relationships with our partners, while adhering to applicable
norms and corporate ethics. We also invest in building our partners capacities and sharing knowledge with them.
SUPPLIERS BASE CHANNEL PARTNERS CUSTOMERS COLLABORATIONS
5,000+ 12,000+ 81.3% 42

Customer Satisfaction Index
Social Capital Natural Capital

Harmonious presence among our neighbouring We depend on the stock of natural resources like iron
communities bears a testimony to the value we place in ore, coal and other minerals which constitute our key raw
community development initiatives, while partnering with materials. At the same time resources like land and water,
them in their growth story. are indispensable for our operations. We also manage the
impacts of our operations on the natural environment.
CSR OUTREACH CSR SPEND ENERGY INTENSITY WATER CONSUMPTION
1.1 Million
People `194 Cr. 1.7% ~ 13%
Impacted Consistently higher than Improvement over FY2016 Improvement in Specific Water
the mandate (At Jamshedpur Steel Works) Consumption over FY2016
(At Jamshedpur Steel Works)
INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR 3

ABOUT
TATA STEEL
Steel Melting Shop, Tata Steel Kalinganagar

COMPANY OVERVIEW
Established in Jamshedpur in 1907, Tata Steel, a Company that took shape from the vision of
Jamsetji N. Tata, is today a global business enterprise having products and services in over 150 countries.
Being the worlds second-most geographically diversified steel producer, we operate in 26 countries, have
commercial presence in over 50 countries and have employees spread across five continents.
Tata Steel is among the top global steel companies with an annual crude steel capacity of 27.5 MnTPA. The
Tata Steel Group recorded a consolidated turnover of `1,17,420 crore in FY2017.
Tata Steel India has an end-to-end value chain that extends from mining to finished steel goods, catering
to an array of market segments. The Jamshedpur facility has an annual crude steel capacity of 10 MnTPA
and the Kalinganagar plant has a capacity of 3 MnTPA.
We embrace different skills, celebrate diversity and strive for constant innovation, while continuing to act
responsibly in the use of natural resources. Above all, our commitment to give back to the society helps us
make our vision of sustainable growth a reality.
Vision
We aspire to be the global steel industry benchmark for Value Creation' and 'Corporate Citizenship.
Mission
Consistent with the vision and values of the Founder, Jamsetji Tata, Tata Steel strives to strengthen Indias
industrial base through the effective utilisation of staff and materials. The means envisaged to achieve this
are high technology and productivity, consistent with modern management practices.
Tata Steel recognises that while honesty and integrity are the essential ingredients of a strong and stable
enterprise, profitability provides the main spark for economic activity.
Overall, the Company seeks to scale the heights of excellence in all that it does in an atmosphere free from
fear and, thereby, reaffirms its faith in democratic values.
Values
Integrity | Unity | Pioneering | Excellence | Responsibility

COMPANY OVERVIEW
Ownership Structure 49%

INSTITUTIONS
Tata Steel is headquartered in Mumbai, India.

Our ownership (as of March 31, 2017)
is diversely held as depicted.
31%
PROMOTERS
20%
RETAIL SHAREHOLDERS
Leadership Structure
We have a well-defined operating structure to ensure that the Company is on track
to achieve its vision and strategic objectives. Our executive management rests with
Mr. T. V. Narendran, Managing Director for our Indian and South-East Asian operations
and Mr. Koushik Chatterjee, Group Executive Director (Finance, Corporate & Europe)
Mr. Narendran and Mr. Chatterjee, operationally and administratively report to our
Chairman, Mr. N. Chandrasekaran and functionally report to the Board of Directors.
The executive team responsible for operations such as Raw Materials, Steel Making,
Sales and Marketing among others reports to the Managing Director. Corporate
functions such as Finance and Accounts, Legal, Secretarial, Communications and
Regulatory Affairs, among others, report to the Group Executive Director (Finance,
Corporate and Europe). We have a strong, diverse, highly qualified and richly
experienced leadership team with a track record of excellence and passion
for performance.

Financial Performance
Our strong performance is due to supportive realisations and strong growth in deliveries due to ramp up
of our Kalinganagar plant. Our plant in Kalinganagar continues to ramp up well both in terms of quantity
and quality.
KEY PERFORMANCE INDICATORS (Tata Steel India)
EBITDA/TURNOVER (%) PBET/ TURNOVER (%)
FY17 22.44 FY17 11.38

FY16 18.25 FY16 7.48
FY15 24.18 FY15 15.84
FY14 31.84 FY14 23.63
FY13 30.62 FY13 22.28
RETURN ON AVERAGE CAPITAL EMPLOYED (%) RETURN ON AVERAGE NET WORTH (%)
FY17 9.80 FY17 6.83

FY16 5.57 FY16 1.89
FY15 8.41 FY15 9.73
FY14 12.60 FY14 10.61
FY13 11.94 FY13 9.04
BASIC EARNINGS PER SHARE (` PER SHARE) NET DEBT/ EQUITY (TIMES)
FY17 33.67 FY17 0.44

FY16 8.05 FY16 0.50
FY15 64.49 FY15 0.40
FY14 64.21 FY14 0.41
FY13 50.28 FY13 0.44
* FY17 and FY16 is as per Ind AS and FY13 to FY15 is as per I GAAP
Our ROCE was 9.8%

reflecting the efficiency
with which we use our
capital.

BOARD OF DIRECTORS
BOARD OF DIRECTORS
(As on May 16, 2017)
Mr. Ratan N. Tata

Chairman Emeritus
Standing (Left to Right)
Board Committees Mr. D. K. Mehrotra Mr. T. V. Narendran

1 Audit Non-Executive Director Managing Director
(India and South East Asia)
2 Nomination and Remuneration
3 4 5 3 4 6
3 Corporate Social Responsibility & Sustainability
Sitting (Left to Right)
4 Risk Management
5 Stakeholders' Relationship Mr. Andrew Robb Mr. Ishaat Hussain

6 Safety, Health and Environment Independent Director Non-Executive Director
Member Chairperson 1 1 2 3 4 5

Dr. Peter Blauwhoff Mr. Deepak Kapoor Mr. O. P. Bhatt Mr. Koushik Chatterjee
Independent Director Independent Director Independent Director Group Executive Director
(Finance, Corporate & Europe)
6 4 6 1 2 3 4 3 4 5
Mr. Natarajan Ms. Mallika Srinivasan Mr. Aman Mehta Mr. Parvatheesam K
Chandrasekaran Independent Director Independent Director Company Secretary
Chairman of the Board
2 2 1

CHAIRMANS MESSAGE
CHAIRMANS MESSAGE
countries around the world start to rein in output while demand
retreats.
Given the current stage of development of the Indian economy
and the likely growth path for the countrys economy in the next
decade, the steel demand in India will witness significant growth
in future. While the Steel sector in India is financially stressed
currently, the Government of India has outlined its intent for
ensuring long-term viability of the sector through the recently
announced National Steel Policy 2017.
The consolidated Profit after Tax before exceptional items for
Tata Steel was `4,020 crore in 2016-17 compared to a loss of
`1,948 crore in the previous year on the back of improved
realisations across geographies, ramping up of capacity in
Kalinganagar and restructuring initiatives in Europe.
Going forward, Tata Steels strategic priorities will be to focus
on the Indian market, achieving operational excellence and
deliver value-added and differentiated products to its customers.
Additionally, Tata Steel Europe is currently pursuing the pension
restructuring programme in the UK and is hopeful of concluding
it soon.
It will be the endeavour of the Company to continue to improve
the performance on year-on-year basis and provide better returns
to the shareholders and create a strong Balance Sheet that can
fund aspirational growth for the Company.
One of the core elements of Tata Steel Groups operating strategy
has been its focus on sustainability and the environment. The
Company is committed to minimise its impact on climate
change and is continuously working on the strategy to reduce the
carbon footprint of the business.
Dear Shareholders,
Tata Steel Group has continued its tradition of caring for the
It is my privilege to write to you as the Chairman of Tata Steel and
communities and stakeholders through its Corporate Social
I feel honoured to accept the responsibility to Chair the Board. I
Responsibility programme. There were a number of initiatives
am happy to present to you the second Integrated Report of Tata
undertaken during the year including Samvaad, the national tribal
Steel for the Financial Year 2016-17.
conclave in Jamshedpur and the thousand schools project in
While the global economy is improving, with global GDP growth Odisha. Tata Steel remains committed to improving the quality of
projected to pick up from 2.9% in 2017 to around 3.1% in the lives of the communities where it operates.
2018-2020, it remains susceptible to geo-political and other
Finally, I would like to thank you for the unstinted support and
macroeconomic risks.
unwavered confidence in the Company. I would also like to thank
Meanwhile, India is expected to become the worlds fifth largest the government, customers, suppliers, lenders for their continued
economy in 2017, surpassing UK and France and the worlds third support to the Company and also to the employees, unions and
largest economy by 2023, surpassing Japan and Germany. Indias the management team for their deep level of commitment to the
GDP is projected to rise from USD 2.2 trillion in 2016 to USD 3.6 Company. I look forward to your continued and valuable support
trillion by 2020. This augurs well for businesses that are focused in taking the Company to greater and newer heights in the future.
on domestic growth in the future.
Yours sincerely,
The global steel industry continues to witness challenging times
though the performance of the industry has been better in the
Financial Year 2016-17 with improved realisations and a more Natarajan Chandrasekaran
disciplined supply side response. According to the World Steel Chairman of the Board
Association, global steel output will be tapering in the next year Mumbai, May 16, 2017
and the slowdown is expected to continue through 2035 as

A DIALOGUE WITH MANAGEMENT
Mr. Koushik Chatterjee Mr. T. V. Narendran

Group Executive Director Managing Director
(Finance, Corporate & Europe) (India and South East Asia)
How do you see state of the global economy today? And of capacity in Kalinganagar and very critical restructuring
where does India stand? initiatives and performance transformation programme in
Europe. Our revenues increased to `1,17,420 crore during the
The global economy today is confronted with increased
year compared to `1,06,340 crore in the previous year which was
geopolitical risks and fast paced disruptions in technology. This
a growth of 10.4% compared to the previous year. The earnings
trend increases the risks of protectionism, unemployment and
increase was much more significant with the EBITDA for the year
global trade war that could have a material impact on global
at `17,025 crore that was 114% over the previous year. During the
economy and the financial markets. In the year gone by, while
year under review, the company focused on enhancing operating
the broad economic parameters have shown signs of stability, the
performance and productivity, undertook several restructuring
underlying fragility of the global economy continues to be very
of the portfolio, introduced new and differentiated products
high. Policy makers, regulators and the political eco system both
and solutions for the customers and optimised working capital
in developing and developed economies will have to address
management under volatile market conditions to turnaround
the imminent challenges of inequality, job creation and climate
the companys performance. We will continue to pursue the
change through sharper and sustainable policy framework.
performance improvement programme in the future to create a
Countries like India with stable and progressive political climate
more sustainable, profitable and value creating enterprise across
and superior economic performance compared to the rest of the
the commodity cycle.
world is seen to be an attractive destination for global capital. The
World Banks annual ranking of business friendliness of countries
Where do you both see the future growth of Tata Steel?
indicates that India has improved its standing in Ease of Doing
Business over the last two years. We are of the belief that given the current stage of development
of the Indian economy and the likely growth path for the
Tata Steel Group has shown significant improvement countrys economy in the next decade, especially in automotive
in performance in 2016-17. How would you assess the and infrastructure sector, the steel demand in India will witness
performance? significant growth in the next decade. While there is currently
financial stress in the Steel sector in India, the Government
Yes, the performance of Tata Steel Group improved very
of India and the Reserve Bank of India are deeply engaged to
significantly during the year under review on the back of
provide a policy enabled structural resolution for the future.
enhanced performance of Jamshedpur operations, ramping up
Steel is a critical material for the future growth of India and

A DIALOGUE WITH MANAGEMENT
How was the performance of the subsidiary companies of

Tata Steel in India and South East Asia?
It is with great pride that we Most of our subsidiaries in India, including Tata Metaliks and Tata
Sponge Iron, and joint venture companies like Tata Bluescope and
report to you that the new JAMIPOL have performed very well during the year.
greenfield Kalinganagar In South-East Asia, both NatSteel Holdings and Tata Steel Thailand
also delivered better performance owing to improved realisations,
Plant in Odisha is ramping better spread management and cost rationalisation initiatives.
The EBITDA in FY2016-17 increased by 138% over the previous
up the operations to its rated FY2015-16.
capacity within a very short What is your broad outlook for the coming year FY2018?
The global steel industry continues to face structural overcapacity
span of time. but we see recovery in developed economies like Europe, gradual
improvement in demand in India and better industry condition
in China. At the same time, risk of uncertainty is likely to remain
at elevated levels due to structural issues like geo-political
the Indian Steel industry is very well poised to leverage the
uncertainty especially in the USA and UK and rising trend of
opportunities and serve the countrys needs.
protectionism.
Tata Steel has doubled its India capacity in the last decade and
Broadly the prospects for the industry in the financial year 2018
it will continue its endeavour to grow significantly in the future
are mildly positive. The steel demand revival is fundamentally
in line with the market demands. The focus will be on delivering
dependent on improving private consumption and investment
value added and differentiated products and solutions to its
while supply side discipline will also be critical enabler that will
customers. It is with great pride that we report to you that the
determine the future of the industry performance in the near
new greenfield Kalinganagar Plant in Odisha is ramping up the
term.
operations to its rated capacity within a very short span of time.
This demonstrates Tata Steels commitment to execute large and
What are the new initiatives of Tata Steel Group?
complex projects, its capability to quickly stabilise and scale up
operations and the strength of its commercial network to service Tata Steel has identified 'Industry 4.0' as strategic imperative to
new customer segments profitably. Apart from potential inorganic attain 'Smart Factory' status with enhanced productivity, customer
growth options in India, Kalinganagar will be one of the most centricity and sustainable performance. Our new initiatives
competitive growth opportunities for Tata Steel in the future. across India, Europe and other geographies are aligned to pursue
operational excellence through programmes like
How would you analyse the turnaround in Europe? Shikhar25 in India, Delivering our Future in the UK and
Sustainable Profit Programme in the Netherlands. Adoption of
The European business of Tata Steel showed very significant
digital technology is also one of the key priorities. Our digital
turnaround in its performance during FY2016-17 compared to
marketing initiatives like eShop, Electronic data interchange
the previous year. The EBITDA for the business was `4,705 crore
connections, Industrial By-products Management Division (IBMD)
compared to a loss of `5,218 crore in FY2015-16. This was the
Sahaj and Samadhan (which manages solid waste across the value
result of the significant restructuring undertaken by the company
chain) are also critical initiatives.
to simplify the portfolio and the hard work by every member of
the European team to pursue the profit improvement programme At the same time, we are committed to improving our customer
both in the UK and the Netherlands. Tata Steel Europe is currently service to ensure long term partnership with them by developing
pursuing the pension restructuring programme in the UK and new products like rust preventive coating using Graphene based
based on our ongoing assessment of the risks and opportunities technologies and innovative solutions like Pravesh Doors steel
of the European portfolio, the company will continue to pursue doors with the elegance of wood. Tata Steel is also investing in
initiatives to strengthen the business profile of Tata Steel Europe new technology like HIsarna in Netherlands, a more flexible new
in the European steel industry. We are also investing in improving smelting reduction technology to produce steel from lower grade
the asset reliability and product mix especially in Netherlands raw materials without the need for coke making or agglomeration
through the Strategic Asset Roadmap (STAR Programme). This will processes and which positively impacts the CO2 footprint.
enable us to focus on creating high strength steel and polymer
Our research initiatives are aimed at developing cutting-edge
capability, enhance productivity, strengthen the downstream
manufacturing and product technology so as to improve the
business and increase the share of high value products.

Our participation in the Task Force on Climate-related Financial

Disclosures formed by the Financial Stability Board has helped us
Tata Steel is also investing sharpen our focus on the disclosures which are critical to drive
efficient allocation of capital and transition to a
in new technology like low-carbon economy.
HIsarna in Netherlands, a Finally, can you elaborate a little bit on the Integrated
report?
more flexible new smelting The <IR> framework helps embed corporate responsibility
reduction technology to and sustainability into the business measurement framework.
Integrated reporting demonstrates the linkage between an
produce steel from lower organisations strategy, governance, financial performance and
the social, environmental and economic context within which
grade raw materials without it operates. The framework also integrates sustainability into a
companys core business. The <IR> framework ensures a common
the need for coke making understanding of value creation process by reflecting integrated
thinking and approach in utilising six capitals (Financial,
or agglomeration processes Manufactured, Intellectual, Human, Social & Relationship and
Natural) to create sustainable value to stakeholders. This is a
and which positively impacts principle based framework that helps companies to focus on the
long term and create sustainable value for all its stakeholders.
the CO2 footprint.
sustainability of steel products through their life cycles like Our participation in the Task
Protact, a safe packaging material which is infinitely recyclable
with no loss of quality. Moreover, Tata Steels sustainability Force on Climate-related
principles are embedded in its new product development process,
which focusses on lowering greenhouse gas emissions over the Financial Disclosures formed
life cycle of steel and optimises total cost of ownership.
by the Financial Stability
How does Tata Steel view challenges on sustainability &
climate change? Board has helped us sharpen
We foresee challenges of climate change are real and will affect
everyone in the society including large and small businesses
our focus on the disclosures
across sectors. Therefore, it is incumbent on us to evaluate the
risks and opportunities of climate change to enable us to develop
which are critical to drive
our strategy to future proof our society and businesses. Tata Steel
is working actively to reduce the carbon footprints and water
efficient allocation of capital
intake, switch to renewals to the extent possible and embrace
circular economy all of which help in tackling this universal
and transition to a low-carbon
challenge of climate change.
economy.
To mitigate the risk of climate change and to be sustainable, Tata
Steel is focussing on innovative technologies that can significantly
lower emissions over the long-term. The GHG issues and the
Companys responses are integrated into the Companys
strategy and planning, capital investment reviews, and risk
management tools.

BUSINESS MODEL
BUSINESS MODEL
INPUT BUSINESS ACTIVITIES AND PROCESSES
Financial Capital UOM FY17
Capex ` Cr. 3,173 VISION, MISSION, VALUES,
Revenue Spend ` Cr. 44,074 TATA CODE OF CONDUCT, POLICIES
(Other than ED, Tax and extraordinary items)
Manufactured Capital UOM FY17

Crude Steel production capacity MnTPA 12.7
Inbound raw materials MnTPA ~40
STRATEGY AND
Outbound finished goods MnTPA >11 STAKEHOLDER RISKS AND
RESOURCE
Pan India Stockyards Nos. 18 ENGAGEMENT OPPORTUNITIES
ALLOCATION
Fininshed Goods Inventory Kt 226
Intellectual Capital UOM FY 17

Patents filed (Cumulative till FY2017) Nos. 870 KEY WORK SYSTEMS
R&D spend (Cumulative since FY11) ` Cr. 681
Spares &
Human Capital UOM FY17 Services
Employees on roll Nos. 34,989
Skilled Manpower % ~100
Raw Material Mining &
Spend on training ` Cr. >50 Beneficiation
33 MnTPA
Relationship Capital UOM FY17

Pan India dealers & distributors Nos. >12,000 Hot Metal
Tata Steel
Pan India Sales Offices Nos. >25
Jamshedpur
Application Engineers working Nos. ~30 11 MnTPA
jointly with customers Tata Steel
Customer facing processes Nos. 8 Kalingangar
Members in customer service teams Nos. >100 3 MnTPA
Supplier base Nos. >5,000
Suppliers trained through VCAP* Nos. 204 Rolling,
Finishing &
Crude Steel Downstream
CUSTOMERS
Tata Steel
Outsourced
Jamshedpur Finishing &
Social Capital UOM FY17 10 MnTPA Processing
CSR spend ` Cr. 194 Tata Steel
Kalingangar Profit
3 MnTPA Centres
Natural Capital UOM FY17

Captive Iron Ore % 100 SUPPORT FUNCTIONS
Captive Coal % 36
Specific Water Consumption - TSJ m3/tcs 3.83 SAFETY & ERGONOMICS | CORPORATE ETHICS | HUMAN RESOURCE MANAGEMENT |
CORPORATE STRATEGY & PLANNING | ENVIRONMENT MANAGEMENT | INDUSTRIAL
Specific Water Consumption - TSK m3/tcs 7.66 BY-PRODUCTS MANAGEMENT DIVISION | CORPORATE SOCIAL RESPONSIBILITY | FINANCE &
Energy Intensity - TSJ, TSK GCal/tcs 5.67, 8.49 ACCOUNTS | SHARED SERVICES | INFORMATION TECHNOLOGY SERVICES | PROCUREMENT |
CUSTOMER SERVICES DEPARTMENT | RAW MATERIAL MANAGEMENT | CORPORATE
Tree plantation Nos. 4,00,225
COMMUNICATION | CORPORATE SERVICES | ENGINEERING & PROJECTS |
Capital Spend on environment ` Cr. 605 RESEARCH & DEVELOPMENT | AUTOMATION | TECHNOLOGY GROUPS
* Vendor Capability Advancement Programme UOM- Unit of Measurement TSJ- Tata Steel Jamshedpur TSK- Tata Steel Kalinganagar TSK under ramp-up

ACTIONS TO ENHANCE/MITIGATE OUTCOMES
OUTPUT OUTCOME
Financial Capital UOM FY17
Turnover ` Cr. 53,261
EBITDA % 22
PAT ` Cr. 3,445
HOT METAL PRODUCTION CRUDE STEEL PRODUCTION
Savings from improvement projects ` Cr. 3,400
14 MnTPA 13 MnTPA
Value from by-products ` Cr. 2,882
Revenue from new products % 5
Revenue through services and solutions business ` Cr. ~750
Manufactured Capital UOM FY17

Coke Rate Kg/tonne of 360
hot metal
Availability of critical manufacturing units % >90
Intellectual Capital UOM FY16

KEY CUSTOMER SEGMENTS & PRODUCTS Patents granted (Cumulative till FY2017) Nos. 360
New products launched Nos. 31
Human Capital UOM FY17

Safety - LTI Nos. 80
Safety - Fatalities Nos. 5
AUTOMOTIVE SEGMENT (OEMs & Auto Ancillaries):
Health Index Score out of 16 12.59/16
CR SHEETS, COILS, TUBES, SPRINGS, BEARINGS
Employee Productivity (TSJ) tcs/employee/year 720
Diversity - Gender and SC/ST % 5.8 and 16.9
CONSTRUCTION SEGMENT: Attrition Rate % 4.83
TMT REBARS, STEEL HOLLOW SECTIONS, GC ROOFING SHEETS Employees trained man-days 3,34,050
GENERAL ENGINEERING SEGMENT: Relationship Capital UOM FY17

CR SHEETS AND COILS, HR SHEETS AND COILS, COATED PRODUCTS Customer satisfaction % 81.3
Customer complaints ppm 759
Brand Equity Index - Tata Shaktee Score out 7
INDUSTRIAL SEGMENT: of 10
HOT ROLLED COILS, WIRE RODS Brand Equity Index - Tata Tiscon Score out 6.6
of 10
Continuing leadership position in chosen
segments (Automotive and Construction)
Loyal (repeat) customers % 70
Timely environmental clearances without any major issues
Social Capital UOM FY17

BY-PRODUCTS AND THEIR CONSUMERS
Lives impacted through CSR - Health, Nos. 1.1 Million
Education, Livelihood programmes
Economic Value Distributed % 95.34
Social licence to operate without any major issues
POWER PLANTS, COKE PLANTS, BRICK KILNS:
COAL REJECTS, COAL MIDDLINGS Natural Capital UOM FY17
CO2 emissions - TSJ, TSK tCO2e/tcs 2.29, 3.08
Effluent discharge - TSJ m3/tcs 1.01
CEMENT INDUSTRY: Solid Waste Utilisation - TSJ % 82.4
BLAST FURNACE SLAG, LD SLAG Dust emissions - TSJ, TSK kg/tcs 0.44, 1.3
Biodiversity In 2016, the Company entered into phase-II
preservation of engagement with IUCN, for mainstreaming
at raw material biodiversity across all our raw material locations.
CONSTRUCTION SECTOR (ROAD): locations IUCN is helping in roll-out of Biodiversity
Management Plans (BMPs). Specific initiatives
LD SLAG based on the BMPs have already been identified
which are being implemented for enhancing
biodiversity, for e.g. 'Bird Niche Nesting Project.'
TSK under ramp-up

PRINCIPAL ACTIVITIES AND REVENUE STREAMS
PRINCIPAL ACTIVITIES
AND REVENUE STREAMS
As a global and diversified integrated steel producer, we have adopted a holistic business model
that looks at the entire value chain. The key revenue drivers of our Business Value Chain are:
STEEL VALUE CHAIN
92%
of Total Revenue
From captive mining to

downstream steel businesses
RAW MATERIALS VALUE CHAIN
7%
of Total Revenue
From mining of chrome and

manganese ore to production
and sale of ferro-alloys
& minerals
OTHER BUSINESSES
1%
of Total Revenue
Including manufacturing of
agricultural equipment
and bearings
SOME OF OUR LEADING PRODUCTS & BRANDS

Automotive Sector
We move India
Almost every vehicle model in Every 3rd tyre made in India 3 out of 4 medium and heavy
Indias automobile sector makes use of bead wires from commercial vehicles
has some steel from Tata Steel Tata Steel Global Wires run on chassis which is made with
Tata Steel Hot Rolled Steel
Infrastructure Development
We fortify shelters and the nation
1 out of 3 Galvanised Sheet

roofs in rural India
is made with Tata Shaktee
Every 2nd major infrastructure Two-third of metro rail, flyovers
project in India and bridges 4 Million Households served by
uses Tata Structura - are built on high-strength wire Tata Steel retail brands
Steel Hollow section strands from Tata Steel Global Wires Tata Tiscon, Shaktee, Durashine
Agriculture Cylinders
We assist hands that toil hard We guard your fuel
Every 3rd agri hand tool Every 3rd borewell 80% of India's grapes 1 in every 2 LPG cylinders
comes from Tata Agrico in India grow on Tata Wiron in India
product range uses Tata Pipes is made from Tata Steel Hot
Rolled Steel

KEY MARKET SEGMENTS
KEY MARKET SEGMENTS

MARKET SUB-SEGMENTS (CUSTOMER GROUPS) PRODUCTS & BRANDS
Individual House Builders (B2C) Tata Tiscon (Rebars)

Construction Pravesh (Doors & Windows)
Tata Pipes (Plumbing Pipes)
Rural Roofing (B2C ) Tata Shaktee (Roofing sheets)
Nest-in (Housing, Water ATMs,
Ezynest Toilets)
A comprehensive range of products and techniques Infrastructure (B2B) TMT Rebars (Higher dia rebars, Corrosion
to create value for the construction industry and
Housing and Commercial (B2ECA) resistance steel)
support sustainable development.
Tiscon Readybuild (Cut & Bend Bars)
Auto OEMs (B2B) Hot rolled, Cold rolled, Coated Steel

Automotive Coils & Sheets
Auto ancillaries (B2B, B2ECA) Hot rolled, Cold rolled, Coated Steel Coils
& Sheets
Precision Tubes
Automotive applications is one of the focus areas of Tyre Bead Wires
Tata Steels Research & Development, aimed at giving Spring Wires
the Group a competitive edge in the automotive Bearings
market.
General Engineering Panel & Appliances (B2ECA) Tata Steelium (Cold Rolled)
Fabrication & Capital Goods (B2ECA) Galvano (Coated)
Furnitures (B2ECA) Tata Astrum (Hot Rolled)
Tata Structura (Tubes)
A range of steel products, encompassing hot rolled

and cold rolled sheets, wire rod and wire, sections,
plate, bearings and tubes, which serve a multitude
of small engineering companies.
Industrial LPG (B2B) Hot Rolled
Welding (B2B) Wire Rods
Process industries Tata Tiscrome (Ferro Chrome)

A range of products to support industrial processes (e.g. cement, power, steel) (B2B) Tata Ferromag (Ferro Manganese)
and applications.
Boiler Tubes
Agriculture Agri equipments (B2B) Bearings
Fencing, Farming & Irrigation (B2C) GI wires

Agri & Garden Tools
Conveyance Tubes
High quality agricultural implements making it the
first choice in Indias rural markets.

OUR FOOTPRINT
We are primarily present in the business of steel
making, including raw material and finishing
operations. Additionally, we are also present in
various value-adding downstream businesses.
Our operational footprint has been indicated on
the map. S
S
S
9
12 S 7
8
S
1 1
11 13
4 5
S 3
6
2
Steel Business 10
S
S
Steel Manufacturing and Finishing Mills S

S
LOCATION NATURE OF OPERATIONS CAPACITY
Flat Product Manufacturing 7 MnTPA
1 1 Jamshedpur
Long Product Manufacturing 3 MnTPA
2 2 Kalinganagar Flat Product Manufacturing 3 MnTPA
14
Steel Business
Raw Material locations
LOCATION NATURE OF OPERATIONS
3 3 Noamundi
4 4 Joda East
Katamati
Iron Ore Mines & Quarries Raw Materials Revenue Stream
5 5
6 6 Khondbond (Ferro Alloys & Minerals)

7 7 West Bokaro Colliery (West Bokaro Division) LOCATION NATURE OF OPERATIONS
8 8 Jamadoba Group Joda, Bamnipal and Gopalpur Ferro Alloys Plant
Colliery (Jharia Division)
9 9 Sijua Group Sukinda Chromite Mine
Joda West, Bambebari, Malda,
Manganese Mines
Manmora & Trinpahar
Gomardih Dolomite Mine
Steel Business
Downstream Operations
LOCATION NATURE OF OPERATIONS NATURE OF OPERATIONS NOS.
Tubes Manufacturing 6
Industrial By-products Management Zonal Hubs [Delhi, Faridabad, Chennai, Vijayawada,
1 Jamshedpur Nagpur, Kolkata]
Division
Tata Growth Shop Stockyards 18 [not on map]
10 Tarapur Distributors 79 [not on map]
Wire Manufacturing Dealers 12,000+ [not on map]
11-12 Pithampur & Killa, Indore
Steel Processing Centres 19 SPCs across 11 locations
13 Kharagpur Bearings Manufacturing
[Jamshedpur, Kalinganagar, Chennai,
S
Cut & Bend (Rebar tailor-made
14 Bengaluru Kolkata, Faridabad, Manesar, Pune, Mumbai,
shapes and size)
Indore, Delhi, Nagpur]
Across the country through Agricultural tools & equipment
Agrico Processing Partners manufacturing Sales Offices 26
(APP)

DIRECTORS REPORT
OUR APPROACH TO
VALUE CREATION
At Tata Steel, we recognise that our
stakeholders expect us to be transparent
about our value creation approach.
Ferro-Chrome Plant, Gopalpur, Odisha
This section aims to present a Supplier of Choice Environment Conscious

view of the value we create for our While, we supply high-quality steel to While we cater to the needs of our
stakeholders. Our vision, mission, our customers across segments, our customers, we are cognisant of our
values, along with our systems, endeavour is to be the supplier of choice responsibility towards the environment.
processes and relationships form the for our products and services, in both We focus on water consumption, CO2
very core of our business operations. the flat and long segments. We deliver emissions and waste management. Over
value to our customers through an the years, we have adopted the best
integrated supply chain - from mining of available technologies and practices
raw materials, production of crude steel for improvement of our processes. Our
of various grades, to manufacturing of Jamshedpur Steel Works is the national
customised steel products. The mining benchmark in CO2 emission intensity and
and manufacturing activities are also specific energy consumption within the
focused on cost competitiveness, enabled steel sector. Our Kalinganagar plant has
in part by efficiency in raw material use state-of-the-art equipment and facilities
and increased recycling, resulting in to ensure minimum impact on the
lower specific consumption of materials. environment.
We maintain our competitive position
through differentiating strategies based Sustainable Operations
on cost-competitiveness, value-added We have been one of the first companies
products and services, technology and in India to undertake a biodiversity
innovation. study on our iron ore mines by the
International Union for Conservation of

Nature (IUCN). A biodiversity action plan People Centric At Tata Steel, we believe in continually
has already been deployed in line with Our prime focus has always been learning and addressing the concerns of
the recommendation made by the IUCN safety, health and well-being of our all our stakeholders. We do this through
study. Subsequently, biodiversity studies people. We have various initiatives on engagement forums - prioritising our
have been commissioned for all our raw learning and development, on-the-job stakeholders top concerns based on the
material locations to ensure that there is training, performance management impact on our business, society, and the
no ecological damage due to our mining and succession planning. We also take environment. Apart from responding
operations. More than 10 lakh trees have adequate steps to ensure that the work to their concerns through our various
been planted in our areas of operation in place is diverse and inclusive. actions, their inputs also form the basis for
the last three years in order to mitigate innovation in our products and processes.
the impact of our mining operations. In Trusted Investing Partner
fact, Tata Steels Noamundi and Joda East We have had long association with our
mines have received a five-star rating from
the Government of India for sustainable
investors and are privileged to have their
trust and unstinted support. Our constant
Tata Steels
mining. endeavour has been to deploy capital
appropriately and generate long-term
Noamundi and
Impacting Communities
Our growth has been inclusive, with a
sustainable value for them.
Joda East mines
focused commitment towards positively
impacting the lives of the communities
Partnering with Government
We maintain healthy relationships with
have received a
in which we operate. In our journey
spanning over a century, we have moved
the Government authorities in places
where we operate, with industry and
five-star rating from
from being a provider to an enabler -
with our focus on creating self-sustained
professional bodies, our business partners
and the civil society at large.
the Government of
communities. During the year, we
spent close to `194 crore in various
India for sustainable
community development activities,
with a thrust on education, livelihood,
mining.
health and infrastructure. The activities
have impacted lives of 1.1 million people
living in both urban and rural areas
adjoining our steel plants at Jamshedpur
and Kalinganagar, as well as, our mining
locations across Jharkhand and Odisha.
We have various
initiatives for learning
and development,
on-the-job training,
performance
management and
succession planning. Industrial Training Institute, Tamar, Jharkhand

STAKEHOLDER ENGAGEMENT
STAKEHOLDER ENGAGEMENT
The Company has robust stakeholder engagement process. In its pursuit to build strong relationships, improve
decision-making and accountability, the Company engages with all stakeholders to understand their concerns and devise
mechanisms to resolve such concerns.
The Company engages with customers through various forums like customer meets, ASK
Expert Camp, Suraksha (Safety) meets, Distributor Force Gurukul, Retail Runs and social
media. The issues raised by the customers at these forums were relating to improvement
in resource efficiency, support in time to market, steel requirement for green products like
solar panels and enhancing Service Capability & Consumer Experience.
The Company has taken various initiatives to address these issues. It has strengthened
its product portfolio for advanced automotive steel, offered unique value propositions in
chosen segments, formed cross-functional customer service teams, initiated new product
development programme. The Company has also offered tailor-made value propositions
and ready-to-use steels for emerging corporate accounts (B2SME), launched Value analysis
and Value Engineering (VAVE) to support automotive customers requirement for cost-
effective & low weight solutions to reduce fuel consumption. Further, the Company is
entering into new segments like steel for solar panels.
Customers
The Company strives to be the neighbours of choice in the communities in which

it operates and works towards contributing to their equitable and inclusive
development. The Company engages with the community through public hearings,
meetings with tribal leaders and CSR Advisory Council.
Health, education, livelihood and public infrastructure were the key issues that were
identified at these forums. The Company has launched projects to ensure access to
primary healthcare, improved quality of education, training for farmers and rural
women, and has augmented community infrastructure projects in its operating areas.
Community
The Company is committed to its employees who are instrumental to its success. It
engages with them through various forums such as MD Online, General Dialogue,
Employee Engagement Survey, Employee Happiness Study, Joint Management-Union
Forums and Breakfast Chats with Senior Leadership.
To address the employees concerns, the Company has adopted policies like five-day
work week, work from home, satellite office operations, paternity leave. The Company
has formed Diversity & Inclusion Council (MOSAIC) that has helped to increase focus
on hiring women, people from SC/ST community and specially abled people. Several
Health & safety measures have also been undertaken by the Company to ensure safe
working environment for its people.
Employees

The Company ensures a strong relationship with its suppliers by engaging with
them at Vendor meets. The Company has also conducted Vendor Satisfaction Survey,
launched Supplier relationship management programme and Vendor Capability
Advancement Programme for value-creating partnerships.
Issues relating to ease of doing business, delay in payment and speed of contracting
have been resolved by automating the vendor registration process and using digital
interventions.
Suppliers
The Company constantly endeavours to engage with the Government, Regulatory

Aurhorities and professionlal bodies through regular dialogue and meetings to ensure
timely sanctions, approvals and clearances.
Various steps have been taken by the Company to overcome the challenges in
compliance to environmental/regulatory requirements. The Company has also
enhanced its focus on regional issues like health, sanitation, drinking water, etc. in
partnership with the Government.
Government and
Regulatory Bodies
The Company is committed to excellence in governance and in creating long-term

sustainable value. The Company engages with investors through investor meets,
conferences and analyst calls. The dialogue is mostly around the Companys strategy,
operational and financial performance and outlook. The Company has articulated
various steps to address these matters in the Directors' Report and in the Strategy
Section of this Integrated Report.
Investors

INTERLINKAGE BETWEEN STRATEGIES & CAPITALS
INTERLINKAGE BETWEEN STRATEGIES & CAPITALS

CAPITALS KEY INPUTS
Financial Cash from business operations including working capital changes

Financial Capital refers to a pool of funds used to create (`11,131 crore)
value through conversion into other forms of capital. Current investments, cash balances `6,318 crore
This capital is raised through financing (equity, debt),
operations and investments.
Manufactured Plant with a crude steel capacity of 13 MnTPA with infrastructure for
environmental excellence
Manufactured Capital represents physical objects Inbound & outbound logistics facilities
that are available to an organisation for use in the
production of goods or provision of services. Integration with channel partners
Support infrastructure (like Maintenance, IT and Automation)
Intellectual Technically skilled and experienced talent

Collaborations with external agencies
Intellectual Capital represents organisational Spend on R&D
knowledge-based intangibles.
Human 34,989 collaborative and committed workforce

Policies and strategies for health, safety, diversity, engagement and
Human Capital represents peoples competencies, well-being
capabilities, experiences and their motivation to Collaboration and partnerships with industry bodies and
innovate. institutions for capability building
Social & Relationship Mutually respectful relationship with customers

Sustained contribution to community activities
Social and Relationship Capital represents co-operative
ties between a company and different communities and Strong engagement with community leaders
stakeholder groups that engage with each other for Healthy relations with unions and workforce
societal welfare. Candid communication with suppliers, contractors, investors and
media
Amicable relationship with Government and regulatory authorities
Natural Coal (11.2 MnT)

Natural Capital represents all renewable and Iron ore (21.6 MnT)
non-renewable environmental resources such as water, Ferro alloys (0.155 MnT)
land, minerals, forests, biodiversity and ecosystem health. Water (TSJ-3.83 m3/tcs; TSK-7.66 m3/tcs)
Spend on environmental projects: (`605 crore)

OUTCOMES ACTIONS TO ENHANCE OUTCOMES
EBITDA/Turnover 22% Taking measures to preserve cash, strengthen the balance sheet by
Return on Average Capital employed 10% reducing debt and re-positioning the business
Dividend on ordinary shares `10 per share
Increase in market capitalisation to `46,876 crore (Refer to the Directors' Report and financial statements)
Ramp up capacity in existing facilities to focus on high-end product

Produced 11.68 MnT of crude steel translating to `53,261 crore
mix for chosen markets
revenues
Focus on resource efficiency
Leadership position in Automotive and Construction segment
(Refer to operational efficiency and customer focus strategies)
Forge new technical collaborations

One of the leading patent filer in manufacturing industry in India Enhance external participation in innovation through platforms like
Fast ramp-up of Kalinganagar Plant 'Mind Over Matter' and 'Connect & Collaborate'
Revenue contributed by new products Use patent and technology intelligence to capture emerging trends
Operational excellence across value chain resulting in cost savings in technology
(Refer to innovation and operational excellence strategies)
Engaged and happy workforce Committed to Zero

Improvement in Health Index Focus on Diversity and inclusion
Improvement in diversity and inclusion Focus on Health, well-being and engagement of workforce
Uninterrupted industrial harmony
(Refer to people strategy)
Enhance further impact and reach of community activities through

Leader in chosen segments collaborations with Government, NGOs, medical institutions
Positive impact on the society Initiatives to sustain the employer of choice status
Social Licence to operate Interventions to create long-term sustainable value for investors
No industrial unrest Enhanced partnerships through policy advocacy
Sustained confidence from stakeholders Delight the customers through new product development and
Timely receipt of environment clearances and approvals for value-added products
continuity of operations
(Refer to responsible behaviour, people, growth and customer
focus strategies)
CO2 emissions: TSJ-2.29 tCO2/tcs (National benchmark);

Climate change strategy to reduce CO2 and water footprint and
TSK-3.08 tCO2/tcs
move towards circular economy
Energy Intensity: TSJ-5.67 GCal/tcs (National benchmark);
Biodiversity management action plans in mining locations
TSK-8.49 GCal/tcs
Embedding Integrated approach in key work processes
Effluent Discharge: TSJ-1.01m3/tcs
Dust Emissions: TSJ-0.44 kg/tcs, TSK-1.3 kg/tcs
(Refer to operational efficiency and responsible behaviour strategies)
Waste generation- solid waste, hot gases
Impact on biodiversity in mining areas
TSJ-Tata Steel Jamshedpur | TSK-Tata Steel Kalinganagar

OUR
STRATEGY
Tata Steel Kalinganagar

STRATEGY PLANNING AND DEPLOYMENT

Our strategy is linked to our Vision, Mission and Values. The planning process takes into account both
external and internal business environment and factors in risks, opportunities, challenges and past
learnings. Our overall strategy and plans are cascaded down to individual divisions/departments with
clearly defined responsibilities across all employee levels.
INTEGRATED STRATEGY PLANNING PROCESS

for Strategy Formulation and Resource Allocation
DEVELOPMENT DEPLOYMENT
VISION LONG-TERM STRATEGY LONG-TERM PLAN ANNUAL BUSINESS PLAN
Arriving at the Strategic

Objectives / Long-term
strategy / Evaluating
options Detailed planning
SCOPE
with enablers Short-term

Long-term vision
Scenario Planning Profit projection, detailed planning
Analysis of driving forces capex requirement
Plausible Futures
Implications
TIME HORIZON
(YEAR/S)
NOT PRE-DETERMINED 7-10 5 1
Leadership team
PARTICIPANTS
Corporate Strategy & Leadership team

Planning (CS&P) Leadership team
Leadership team with CS&P, Business Analysis
CS&P, BAGs
inputs from employees Relevant functional Groups (BAGs)
experts through core Departmental heads
Departmental heads
strategy teams /cross-
functional team
Our long-term strategies and annual business plans are Projects & partnerships with stakeholders (customers,
formulated as an outcome of this process. Our capital suppliers, industry bodies and communities) and
provisions are thus formulated, having been aligned with technological collaboration with academia and technology
strategies at the beginning of the year. These include: partners are identified and/or reviewed for implementing the
identified strategies. Functional teams take suitable actions to
Annual and five-year capital expenditure plans ensure the availability of resources through their respective
plans. These are cascaded to individual key result areas
Corpus for small capital expenditure schemes related to safety,
comprising following elements:
environment and other improvement projects
Individual contribution for meeting strategic objectives
CSR and R&D budgets
in the respective functions
Identifying the training needs for the year
Cross-functional projects

DRIVERS FOR GROWTH
DRIVERS FOR GROWTH

(In FY2017)
Our business environment is influenced by global macro-economic conditions, developments in steel and
allied industries and the ever-evolving technological landscape. Apart from this, the social context in the
areas we operate in (legislative, regulatory and political) affect our overall ecosystem.
Tata Steel India is well placed to capitalise on Indias growth. Though FY2017 was a challenging year, India
is poised for a 5-6% increase in the steel demand compared to the previous year.
MACRO-ECONOMIC STEEL DEMAND RAW MATERIAL
3.1% 1,515 MnT CFR - 64 $/t

Global GDP Growth Steel Demand Globally Iron ore contract price
Overall global recovery in manufacturing Global Steel demand grew by 1% Came down compared to FY2016 due to continued
and global trade mainly due to recovery in China oversupply, high demand in China and delay in
operationalisation of new mines
7.1% 78 MnT FoB -165 $/t

Indian GDP Growth Indian Steel Demand Coking coal - QBM Price
In India services continued to support growth Indian steel demand saw a modest growth Went up compared to FY2016 due to disruption
of 3% due to low growth in construction in mining operation in Australia and reduction in
sector and impact of demonetisation number of working days in China
coupled with decline in imports
Tata Steel Jamshedpur

RISKS AND OPPORTUNITIES

Risks
We are exposed to risks arising out of the dynamic macroeconomic environment as well as from internal
business environment. These could adversely affect our ability to create value for our stakeholders.
MACROECONOMIC FINANCIAL REGULATORY

Over capacity and over supply in steel Volatility in financial markets and Predatory pricing
industry fluctuations in exchange rates Non-renewal of mining leases
High levels of imports Downgrading of credit rating of Non-availability of protective
Consolidation among competitors Companys securities trade measures
Local circumstances of geographies Substantial amount of debt Regulatory and judicial actions
we operate in Restrictive covenants in financing
agreements
OPERATIONAL MARKET RELATED CLIMATE CHANGE

Highly cyclical industry Competition from alternate materials International and domestic regulations
Inability to implement growth strategies Product liability claims relating to Green House Gas emissions
Inherently hazardous industry
Volatility in raw material prices
Hostilities, terrorist attack or social unrest
Failure of Information Technology Systems
PEOPLE
Continued services of Senior Management
For a detailed narrative on Risks and Opportunities, please refer to the Management Discussion and Analysis. Unanticipated labour unrest
Opportunities
Setting benchmarks in the sector, we monitor and leverage opportunities presented by the external and
internal environment.
Capitalising the Leveraging Securing Innovating and Value realisation Creating

demand growth, Supportive raw-material adopting new of by-products differentiation
due to schemes of the supplies by technologies by exploring through
urbanisation and Government investing in through new areas of acceleration of
needs of a young such as the mines which Company-wide application, new product
demography Make in India are in close mobilisation collaboration development,
in India, and initiative proximity of resources, and potential growing revenue
developmental implementation customers from services &
needs of other of pilots and solutions and
emerging capacity the B2C segment
economies development

DIRECTORS REPORT
With our concerted

efforts towards employee
welfare, we have 89 years
of harmony within the
workforce
PEOPLE
Health & Safety
STRATEGIC FOCUS AREA Committed to Zero

Safety - Committed to Zero 'Committed to Zero' is our top priority, with the target of having Zero
Lost Time Injuries (LTIs). Our senior leadership believes in promoting
STAKEHOLDERS a safe working environment across the organisation and has taken
People working at our sites the onus of being a role model to showcase paramount importance
of workplace safety, which is embedded as a core value in our culture.
We were conferred the Safety and Health Excellence recognition 2016
OUR GOAL
in 'Leadership' category by the World Steel Association.
'Committed to Zero'
Zero LTI
During the year, we saw an increase of 19% in LTIs over FY2016 and
5 fatalities in different divisions. These incidents have been
ENABLERS investigated and corrective actions are in progress. Safety of our
Build Leadership Capability work force is our utmost priority and we draw lessons from these
unfortunate incidents. We continuously strive towards achieving
Competency development for hazard
our goals of zero fatalities at work place and eliminating injuries and
identification and risk management
occupational diseases across the organisation.
Management of contractor safety
During the year, we further mechanised some of our operations,
Focus on process safety implemented rigorous safety line walks, recalibrated on managing
Improvement in occupational health redundant assets, strengthened the deployment of contractor safety
and industrial hygiene management and embraced digital intervention to reduce human
interface.
CAPITALS IMPACTED
UN SDG
3 - GOOD HEALTH & WELL-BEING
Safety and Health Excellence

Recognition 2016 in 'Leadership'
Category By World Steel Association

PEOPLE
INITIATIVES AND IMPACT
01 02 03
FELT LEADERSHIP COMPETENCY & CAPABILITY CONTRACTOR SAFETY RISK

DEVELOPMENT MANAGEMENT
MITIGATION STRATEGY
Felt leadership training imparted to Supervisors training on hazard Deployed safety capability assessment
a large section of officers, front line identification and risk management system
supervisors and union members at all Quarterly safety campaigns conducted Launched vendor assessment based on a
locations of Tata Steel India for the below mentioned categories which star rating system for high risk jobs
Leadership team have challenged were the major contributors for Loss Time Conducted independent Audit for
themselves by targeting Zero in all key Injury (LTI) Contractor Safety Management
safety performance parameters.
Categories - Slip/ Trip/ Fall & Hit/ Press by object,
Material Handling, Rail & Road Safety and Moving
Machinery
IMPACT
2,959 Officers 2,173 Frontline Employees 852 Vendors

2,173 Non-Officers Trained Assessed
Trained The campaigns helped identify and mitigate More than 50% vendors achieved star rating
hazards in the identified categories of 3 thereby demonstrating safe work practices
KEY PERFORMANCE INDICATORS
FATALITY (NOS.) LTIs (NOS.)
FY17 5 FY17 80
FY16 2 FY16 67
FY15 5 FY15 97
FY14 12 FY14 165
FY13 6 FY13 136

04 05 06
ROAD & RAIL SAFETY PROCESS SAFETY MANAGEMENT OCCUPATIONAL HEALTH /

INDUSTRIAL HYGIENE (OH/IH)
Focus on rail & road safety initiatives Standard for Management of Change Implemented 4 pilots on Qualitative
such as Safe Drive Training Programme, Centre of Excellence (COE) setup for Industrial Hygiene to facilitate
Mass transport facility engaging contract increased sensitisation on process safety identification of occupational health
partners, etc. were launched and horizontal deployment initiated hazards and risk analysis
Launched focused awareness and
intervention programmes like
Doctor@Doorstep, Doctor Online and
observance of health days
Zero fatality on road No fatality in Improvement in Health 52% reduction in

Index of Tata Steel number of cases from
for last 2 years Jamshedpur Works India from 12.37 in High risk to Moderate
in FY2017 FY2016 to 12.59 in or Low risk
FY2017
LTIFR (RATE) HEALTH INDEX (SCORE OUT OF 16)
FY17 0.37 FY17 12.59

FY16 0.23 FY16 12.37
FY15 0.31 FY15 12.21
FY14 0.50 FY14 12.80
FY13 0.48 FY13 12.64

PEOPLE
Employer of Choice
STRATEGIC FOCUS AREA
Our people practices are aimed at developing a culture of care,
Employer of Choice
commitment, engagement and harmony across the workforce. There
is increased focus on encouraging diversity, through inclusion of
STAKEHOLDERS women, underprivileged sections of the community and people
Current and Prospective Employees who are specially abled. At the same time, we strive to increase
productivity while containing wage cost. This continues to be a
OUR GOAL challenge, making it imperative for us to rationalise, upskill and
To be in the top quartile ranking in redeploy workforce without disturbing the industrial harmony that
India across industries
has been the bedrock of our organisation.
ENABLERS
Attract and nurture a diverse workforce GARNERING TALENT
20% women in workforce We conducted a variety of on-campus programmes like `Mind Over Matter for technology
Improve workforce engagement schools and `Steel-a-thon for business schools. We aim to achieve an 80% conversion rate
and happiness on our pre-placement offers to suitable candidates.
CAPITALS IMPACTED DIVERSITY & INCLUSION

In order to improve employee work-life balance, among others, we rolled out the
following policies like paternity leave, increased maternity leave, work from home, etc.
Satellite Work Operation

Aimed at providing flexibility, this policy enables employees to work from any location
where the Company has presence other than the employees base location for a specified
UN SDG period of 1 or 2 years.
8 DECENT WORK & ECONOMIC
GROWTH Women of Mettle
One of the first programmes in the manufacturing industry in India, Women of Mettle
goes beyond providing scholarships. The programme gives women from select
engineering colleges the opportunity to work with Tata Steel and experience
real-life technical challenges in the steel industry. The programme also gives students the
opportunity to interact with senior leadership who act as tutors and mentors.
ENABLERS AND IMPACTS
KEY ENABLERS
Culture of union and Focus on Diversity and Employee capability Innovative and
management working Inclusion building through attractive voluntary
together through joint structured training separation scheme
consultative process & development
to address issues programmes
related to collective
bargaining
IMPACT
89 years of industrial 15% increase in 3,34,050 man-days Increase in Employee

harmony the women in the of training imparted Productivity by ~3%
workforce over during FY2017 over FY2016
FY2016
The SC/ST Community

forms > 16% of our
workforce

EMPLOYEES TRAINING (MAN-DAYS) TRAINING PER EMPLOYEE (MAN-DAYS)
FY17 3,34,050 FY17 2.19

FY16 2,63,050 FY16 5.70
FY15 2,31,177 FY15 6.20
FY14 1,77,656 FY14 8.39
FY13 1,74,505 FY13 9.50
INVESTMENT IN EMPLOYEE
TRAINING AND DEVELOPMENT (` CRORE) EMPLOYEES INVOLVED IN IMPROVEMENT ACTIVITIES (%)
FY17 52.55 FY17 92.50

FY16 43.07 FY16 85.30
FY15 42.99 FY15 89.40
FY14 41.51 FY14 82.00
FY13 41.34 FY13 79.00
PERCENTAGE OF SKILLED MANPOWER (%)
FY17 99.99
FY16 93.90
FY15 91.10
FY14 69.60
FY13 NA*
* Not measured in FY13

DIRECTORS REPORT
Our growth is aimed to

create enhanced value for
our customers
GROW TH &
CUSTOMER
FOCUS
Delighting Customers through Growth

It is imperative for us to keep pace with the growing needs of our
Growth to meet customer requirements
customers across sectors, primarily, the automotive and construction
and create value sectors. We aim to deliver enhanced value for our customers through
our customised services and solutions and our value-added products.
STAKEHOLDERS To insulate our business interests from cyclicity of the industry, we are
Customers foraying into new lines of business.
Investors
Tata Steels Greenfield plant at Kalinganagar in Odisha (the
OUR GOAL largest in the country) commenced commercial production from
Ramp-up capacity May 2016 with a capacity of 3 MnTPA in its first phase. The plant
Preferred choice of supplier in the produces world-class flat, lighter, high-tensile strength steel and has
chosen segment augmented our Indian crude steel production to around 13 MnTPA.
It has helped the organisation expand its portfolio to high-grade
ENABLERS flat products to cater to a range of sectors including ship-building,
Ramp-up and stabilise new facilities defence equipment, energy and power, infrastructure building,
aviation and lifting and excavation. Seven new product licences and
Value-added products, services &
nine higher grades in existing product licence have also been granted
solutions
by the Bureau of Indian Standard for products manufactured at our
Reduce defects to <100 ppm Kalinganagar plant.
15% >3,000 ~`100 Cr.

CAPITALS IMPACTED
higher deliveries people employed CSR spend in

enabled by ramp up Odisha
UN SDG
8 DECENT WORK & ECONOMIC GROWTH
Tata Steel Kalinganagar has

achieved the fastest ramp-
up in a Greenfield project in
India. Crude steel production
in FY2017 was 1.68 MnTPA.
The crude steel capacity was
ramped up to 88% with the
Coke plant & Hot Strip Mill
reaching 100% capacity in Tata Steel Kalinganagar
FY2017.

GROWTH & CUSTOMER FOCUS
Value Creation through Services & Solutions

Our goal is to achieve 20% of the revenues from services and solutions business. In the last three years, we
have built a pipeline of solution concepts that will reach consumers progressively in the coming months
and years.
Some of the services and solutions launched/scaled-up in FY2017 are:
Pravesh
Steel doors with wood finish offering
benefits of strength, corrosion resistance
and aesthetics to the consumer
INNOVENT Nest in (EzyNest Modular

Conceived in 2013, INNOVENT toilets)
Turnkey, robust, durable, light-weight,
places a thrust on incubation of new
secure, one-stop sanitation solution (toilets)
Ready Build Cut & Bend Bars business concepts. The team works targeted towards communities (aiding
Hassle-free, superior quality and wastage-
closely with customers, captures Governments Swachh Bharat campaign)
free solutions for construction sites
insights, builds solution and tests the
business model viability. Successful
models are then passed on to ATW (All Time
Shaped Blanks business units for scale up. Water) Kiosk
Reducing wastage of automotive
customers by providing customised blanks Steel-based All-
Time Water Kiosks
Superlinks & Footings for upcoming
Quality stirrups (application for construction smart cities and
steel components) and foundation to for corporate CSR
provide strength to Reinforced Cement programmes. The
Concrete (RCC) structure. unit is supplied with
a RO+UV filter.

PAN INDIA DEALERS & DISTRIBUTORS (NOS.) CUSTOMER SATISFACTION INDEX (%)
FY17 12,150 FY17 81.30

FY16 12,077 FY16 80.40
FY15 12,070 FY15 77.80
FY14 12,069 FY14 77.30
FY13 6,250 FY13 77.00
QUALITY COMPLAINTS (PPM) BRAND EQUITY INDEX-TATA TISCON (score out of 10) BRAND EQUITY INDEX-TATA SHAKTEE (score out of 10)
FY17 759 FY17 6.60 FY17 7.00

FY16 774 FY16 6.50 FY16 6.40
FY15 593 FY15 6.00 FY15 6.70
FY14 679 FY14 5.90 FY14 6.90
FY13 809 FY13 5.60 FY13 5.30

CONTINUOUS DE-COMMODITISATION OF STEEL HAS BEEN THE CORNERSTONE OF TATA STEEL INDIA BRANDING JOURNEY
50
48
46
44
41
37
33
28 29 29
25 26
22 24
16
14
Turnover of Branded Products (%)
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
Brands Launched Brands Launched Brands Launched

Tata Agrico Tata Wiron Tata Steelium Galvano Tiscon Nest-in
Tata Pipes Tata Tiscon Tata Structura Tata Astrum Tata Tiscon Superlinks Pravesh
Tata Shaktee Durashine Roof Junction
Brand identity & establishing channel Enhancing service capability & Focus on customised solution &
Appointment of exclusive distributors consumer experience redesigned offering
Creation of unique identity and logo Launch of service centres New Products: Tiscon 500SD, Shaktee
on product Robust Network wider & thinner GC, Durashine
Channel capability building Downstream Products: Superlinks &
Footings
Exclusive shops
Housing solutions: Nest-in
Recommended price list
Roofing solutions: Roof Junction
Consumer Intimacy Programmes
Steel doors: Pravesh
Influencer management
Loyalty programme with ECAs
Value-added products
Note: Drop in FY17 as new greenfield project at Kalinganagar is in the ramp-up Phase.
Chairman's visit to IJmuiden facility

DIRECTORS REPORT
We aim to retain our position

as one of the lowest cost steel
producers in the world through
greater operational efficiencies
and business excellence.
OPERATIONAL
EXCELLENCE
Operational Excellence

We aim to retain our position as one of the lowest cost steel
Cost Leadership and Business producers in the world through improved operational efficiencies
Excellence and business excellence. We have a long value chain spanning
across mining, iron-making, steel making, casting, rolling,
STAKEHOLDERS finishing and delivering finished steel products to the customer.
Investors
Suppliers
While this makes it a complex business, it also offers opportunities
Customers for improvement across the value chain. Our main focus areas are
achieving superior steel properties, higher efficiency in iron ore
OUR GOAL & coal beneficiation, lower carbon rate in iron making, optimised
To become the lowest cost product mix, reducing waste generation, energy efficient
steel producer processes and higher material utilisation.
ENABLERS
To expedite projects related to operational excellence across the
Widen scope and maintain rigor of
value chain, in FY2015, we launched the Shikhar25 programme.
improvement initiatives through
It aims to identify and accelerate improvement projects across
SHIKHAR
the value chain and achieve benchmark levels while building
Reduce procured raw material and
institutional capability. A total savings of `3,400 crore was
services cost
achieved in FY2017 as a result of all improvement initiatives.
Enhance captive coal production
Double employee productivity
Improve efficiency of material use and
Increase recycling.
CAPITALS IMPACTED
UN SDG
8 DECENT WORK & ECONOMIC GROWTH

OPERATIONAL EXCELLENCE
KEY ACHIEVEMENTS
RAW MATERIALS IRON-MAKING STEEL MAKING LOGISTICS
01 02 03 04
KEY ENABLERS
Own captive coal throughput Reduction in Coke rate and hot metal Reduction in transition losses using Reduction in landed logistics cost by
increase was prioritised to replace Silicon optimisation models at steel making 12% compared to the previous year
imported coal. shop - LD2.
Restructuring of legacy contracts with
Increase in net sinter production key suppliers at ports
The key initiatives were: through process stabilisation and The model identifies best possible
reliability improvement grade/chemistry to be produced, Reduction of idle freight across
Coal yield optimisation checks the order availability, and mines, collieries, ports and HMC by
Improving performance of Pollution guides the steel maker to modify the Installation of IR certified in - motion
Debottlenecking of rail and vessel control equipment plan accordingly weigh bridge, Load cells in pay-
logistics and raw coal evacuation loaders, increased height of loading
in coke wagons
Maximisation of West Bokaro Consolidation of cargo with third
washeries utilisation parties and trans-shipment
IMPACT
Higher By-product value Lowest ever blast furnace This model has helped in reducing Increased stacking
Coke rate in FY2017 (~10% the transition losses by ~40-50% capacity at Dhamra Port at
realisation thus increasing the utilisation of
reduction over FY2016) and hot metal lower cost
Arresting By-product waste Silicon (0.74%) available capacity
Sinter plant crossed 8 MnTPA Total savings of ~`30 crore was Reduction in demurrage
Reduction in oversize raw coal
achieved in FY2017 at ports
to improve fines circuit yield net sinter production
milestone (Indian benchmark). Increased parcel sizes to achieve
Implementation of analytical
It is the only sinter plant in India lower ocean freight
tool Sathi to monitor lead with Stack Emission
indicator and take proactive <40 mg/Nm3
action
Consistently maintaining
1.2% improvement in yield >46% Sinter in Blast
Furnace Burden
Savings due to blast furnace fuel rate
`118 crore

OPERATIONAL EXCELLENCE
EMPLOYEE PRODUCTIVITY - TSJ (TCS/ EMPLOYEE/ YEAR) COKE RATE (KG/ TONNE OF HOT METAL)
FY17 720 FY17 360

FY16 701 FY16 380
FY15 623 FY15 443
FY14 597 FY14 455
FY13 513 FY13 479
ENERGY INTENSITY- TSJ (GCAL/ TCS)
FY17 5.67
FY16 5.77
FY15 6.01
FY14 6.02
FY13 6.12
TCS: Tonnes of Crude Steel
Blast Furnace, Tata Steel Kalinganagar

DIRECTORS REPORT
We leverage our technological

capabilities to reduce our carbon
footprint, optimally use inferior
raw materials, improve yield,
utilise solid waste and move
towards a system of
zero water discharge
INNOVATION
Apart from leveraging our technological capabilities to address

inferior quality of indigenous raw material and the variability
Technology & Innovation
of domestic ore compared with imported raw materials, we
STAKEHOLDERS continuously aspire to be at the high end of technological capabilities
Customers
and strive to meet high-quality product requirements as and when
Suppliers the evolving demand for newer, high-strength grades of steel arises.
OUR GOAL Our focus is on reducing our carbon footprint, optimally use inferior
To be one of the top 5 steel technology raw materials, improve yield, utilise solid waste and move towards
companies in the world a system of Zero Water Discharge. Our efforts in innovation can be
broadly classified into four categories: New Product Development,
ENABLERS Process Technology, Digitalisation and Advanced Materials.
Commercialisation of Graphene and
creation of new materials business
vertical
Technological initiatives in the areas 01 New Product Development
of process efficiency and product
We are pursuing new products to be developed under the two categories:
development
Creating value through digitalisation
Platform products: We are Differentiated products: We are
CAPITALS IMPACTED working towards improvement developing high-anticorrosion steel,
in strength and reduction in the super-hydrophobic steel and
number of surface defects, to cost-effective ultra high-strength
narrow the technological gap steel. Additionally, we will increase
with advanced mills. Especially, our capabilities in downstream
for sectors such as automotive, value-added products by entering
lifting and excavation, oil and gas, into new segments such as defence,
infrastructure and capital goods. lifting and excavation.
UN SDG
9-INDUSTRY, INNOVATION &
INFRASTRUCTURE
Development of Hot Rolled Dual Phase simulator Gleeble 3800 for hot rolling
(DP) Steel, characterised by high-strength simulations, by adopting innovative
and high-formability, is a major step cooling strategies in our Thin Slab Casting
towards meeting the expectations of and Rolling (TSCR) mill and by making
automotive wheel manufacturers. To use of longer Run out Table (ROT) with
address the issues related to automotive higher cooling capacity. DP steel has
wheels with a higher fatigue-life, we cleared stringent requirements of corner
developed hot rolled Dual Phase steel fatigue tests that have been conducted
with a minimum 600 MPa strength (DP at customers facilities. Another variant
600) for the first time in India. Apart of DP 600 steel was developed with
from high-strength, the grade showed low silicon content to achieve superior
enhanced formability compared with surface quality. Both the grades have
other existing High-Strength Low Alloy been accepted by our customers and
steels (HSLA) of similar strength. commercialised by us. Two patent
applications have also been filed.
Our in-house R&D team achieved this
by using advanced thermo-mechanical

INNOVATION
02 Process Technology
One of the key enablers of sustainable mining and lower-cost of liquid iron has been the
utilisation of high gangue iron ore in our sinter making process. The high gangue material
(with iron content of ~55%) requires significant area for stacking as well as the addition of
flux (pyroxinite) for the removal of gangue from metal during the sintering process. Earlier,
the flux used to be imported, driving up costs considerably. A new process was developed
to use high siliceous gangue material in the sinter using a locally sourced material as flux.
Consumption of imported flux decreased by 5.5 kg/tonne with no adverse impact on
sinter quality. This led to savings of `12.5 crore per annum.
Some of the other examples of process improvement are:
For utilisation of low-grade chromite Increase in clean coal production Utilisation of BF slag as flux in
ores for sustaining standard from reflux classifier by changing the chromite pelletising along with
concentrate production, a new method feed regime and rectifying machine- improvement in pellet property.
of operational philosophy established related issues at West Bokaro
in the chromite ore beneficiation plant Washery #3.
at Sukinda.
Reduction in water consumption (0.2 m3/tcs) in Jamshedpur 5% use of non-coking coal in Haldia Met Coke to minimise
Steel Works through multiple recycling of water in high blend cost and reduce import of coal.
temperature processes.
03 Digitalisation: Leveraging Digital Technology

We appreciate the disruptive potential of Industry 4.0 and are actively seeking
opportunities to redefine existing processes and systems by leveraging digital
technologies. The year saw a significant upgrade in the discourse around digitalisation
along with a rich project pipeline created for delivering business value in the coming
years.
During FY2017, we identified opportunities for value creation worth `700 crore using
digital technologies. The projects include Predictive Asset and Quality Management at
process plants, Digitalisation of Customer Decision Journey in the Retail Segment as well
as developing Smart-City Applications.
Jamshedpur has also become the first city in India to have a 3-wall-depth penetration
of Low Power Wide Area Network (LPWAN), forming the foundation for development of
Smart City Applications. Applications under development include - smart metering for
power and water, intelligent street-lighting and smart waste bin management.
We have adopted advanced analytics as a key tool to take operating efficiencies to the
next level. Advanced Analytic-based predictive models are now powering critical plant
functions, examples of which are:
Steel making Tubes Business Unit New Bar Mill

Enhancement Break-out Detection System A Predictive Asset Maintenance solution Integration of QR Codes onto critical
at LD Slab Caster to improve throughput enabling higher equipment availability equipment enabling equipment data
and eliminate unsafe conditions through and a Salesforce application for dealers to availability on a smartphone. Designated
advanced data analytics. improve effectiveness and efficiency. employees can monitor equipment health
right on the shop-floor and perform
on-site diagnostics.
Having established a dedicated team to drive the transformation to becoming an Industry 4.0 leader, we also facilitate the development of
organisational capabilities around digital technologies and data analytics. We are in the midst of upgrading to SAP S4 HANA platform that will
simplify and improve business processes.

04 Advanced Materials
Graphene
Graphene - a material offering substantial superior anti-corrosive properties,
enhanced product aesthetics and a wide range of applications - has been identified
as one of the advanced materials that has the potential to multiply value across
segments. The Indian Graphene market (`80 crore) is currently in a nascent state with
immense potential. The steep rise in graphene application patents further supports
the realisation of an industrial market in the upcoming years.
A Graphene Development Cell (GDC) has been created at Jamshedpur to identify

applications and establish new business (production units, supply chain and
markets). Two Advanced Materials Research centres of excellence have been
established at Chennai in collaboration with IIT Madras and at Bengaluru with CeNS
for collaboration on basic research on Graphene and other 2D materials.
GDC has developed and implemented Graphene powder and Graphene-based

liquid that acts as the input to Graphene based products. Graphene coated stirrups
were launched under the brand name SUPERLINK+ in Jharkhand. SUPERLINK+
has enhanced corrosion resistance and better bonding strength with concrete
as compared with existing stirrups in the market. Seven patent applications have
already been filed in this area of work.
COLLABORATIONS / MEMBERSHIP
(TECHNICAL INSTITUTES) (NOS.) R&D SPEND (` CRORE)
FY17 42 FY17 145

FY16 32 FY16 129
FY15 23 FY15 134
FY14 7 FY14 81
FY13 12 FY13 60
PATENTS FILED (CUMULATIVE TILL FY2017) (NOS.) PATENTS GRANTED (CUMULATIVE TILL FY2017) (NOS.)
FY17 870 FY17 360

FY16 791 FY16 318
FY15 720 FY15 286
FY14 663 FY14 250
FY13 605 FY13 220

DIRECTORS REPORT
The Tata Values and Tata Code of Conduct serve

as the guiding philosophies of our work culture.
We aspire to be the benchmark for environment
performance and our approach to social
responsibility is guided by our vision,
our CSR and Affirmative Action Policies
RESPONSIBLE
BEHAVIOUR
Environment Leadership
We aspire to be the Indian steel industry benchmark for environment
STRATEGIC FOCUS AREA performance by focusing on climate change mitigation and resource
Environment Leadership efficiency. The key natural resources on which our operations are
primarily dependent on are: coal, iron ore, water and ferro alloys.
STAKEHOLDERS
Government We are cognisant of the fact that our mining operations impact the
Regulatory Bodies biodiversity of the regions in which we operate. Environmental impacts
Customers of our manufacturing operations include generation of CO2, dust
Civil Society emissions, discharge of water effluents and process waste generation.
OUR GOAL To address these impacts, our policies for climate change mitigation,
Become industry benchmark in environmental care, energy efficiency and renewable energy provide
environmental performance
overall guidance to our processes and help us achieve environmental
leadership.
ENABLERS
Reduce CO2 emission intensity Environment management of key sites involved in mining and
<2tCO2/tcs manufacturing are certified under EMS ISO 14001. The Company
(tcs: tonne of crude steel) continues to be a Climate Action Member of the World Steel Association
and endorses the United Nations Global Compact's SDGs and CEO Water
Zero effluent discharge
Mandate.
100% utilisation of LD Slag
Some of the thrust areas for environmental excellence are:
Increase use of renewable energy
No net loss of targeted Biodiversity

components in raw material locations
and progressive reclamation of mine
altered sites Concerted R&D Climate change Reduction of our resource
efforts to conserve impact mitigation footprint through ore
natural resources beneficiation
CAPITALS IMPACTED
Material Continual process Revision of the Energy Policy

substitution improvement and to explicitly embed the
UN SDG UN SDG product development promotion of renewable and
7 - AFFORDABLE 13 - CLIMATE non-conventional energy
& CLEAN ENERGY ACTION
SHADOW CARBON PRICE

We believe any capital investment
UN SDG should be made after evaluation of its
12 - RESPONSIBLE PRODUCTION & climate impact. To enable this, we have
CONSUMPTION introduced the Shadow Carbon Price,
which will be used for evaluating any
capital expenditure projects in Tata Steel
Central Effluent Treatment Plant

RESPONSIBLE BEHAVIOUR
KEY ACHIEVEMENTS
01 02 03 04
WATER CONSUMPTION
AND ZERO EFFLUENT SOLID WASTE
CO2 EMISSION DISCHARGE UTILISATION BIODIVERSITY
MITIGATION STRATEGY
Energy conservation through: Water conservation initiatives Zero waste mining driven by Rollout of Biodiversity
Management Plans (BMPs) for
Top Recovery Turbine (TRT) at operational facilities ore characterisation, ore-body
each of the eight mining sites
power generation Improved utilisation of Central modeling, and block modeling Assessment of habitats using
LD Gas recovery Effluent Treatment Plant of mining deposits done, Life the Biodiversity Indicator and
Reduction in carbon rate Cycle Inventory (LCI) studies Reporting System (BIRS) tool
for mines undertaken
State-of-the-art beneficiation
plants in operation and
studies underway for
beneficiating slime and
IMPACT low-grade ores
TRT Power generation Lowest ever water 53% LD slag utilisation in No net loss
increased by 20% consumption FY2017 as compared to 43% in FY2016 in targeted biodiversity components
LD Gas recovery with 12% reduction from premine conditions
enhanced by 44% We are the first in India to
over previous year at our Jamshedpur
process Steel/LD slag as replacement Progressive reclamation
1% reduction Steel Works
of natural aggregates in road-making of minealtered sites
of Carbon rate Best ever effluent through screening and weathering,
Jamshedpur Steel Works is the discharge figure developed market through joint
National Benchmark in in FY2017, which was experiments with National Highway
CO2 emission intensity ~16% reduction Authority of India, Jharkhand State
and Specific Energy over FY2016 Rural Road Development Agency
Consumption and Jharkhand Road Projects
within Steel Sector (Coal based Implementation Company Limited
Integrated Works, BF-BOF) and obtained accreditation
from Indian Road
26% reduction Congress
in CO2 emissions in FY2017
(base level in FY2005)

05 EMISSIONS - GHG - TSJ (TCO2e/tcs)
FY17 2.29
TREES PLANTED - TSI (NOS.)
FY17 4,00,225
FY16 2.30 FY16 4,21,973
FY15 2.42 FY15 3,22,000
FY14 2.43 FY14 3,81,000
FY13 2.52 FY13 4,56,000
DUST EMISSION
EMISSIONS - DUST - TSJ (KG/tcs) SPECIFIC WATER CONSUMPTION - TSJ (M3/tcs)
FY17 0.44 FY17 3.83

Up-gradation of pollution FY16 0.50 FY16 4.39
control equipment
FY15 0.57 FY15 5.54
Engagement of OEMs
for effective operation & FY14 0.88 FY14 5.58
maintenance FY13 1.00 FY13 5.92
EFFLUENT DISCHARGE INTENSITY - TSJ (M3/tcs) SOLID WASTE UTILISATION - TSJ (%)
FY17 1.01 FY17 82.40

FY16 1.20 FY16 80.60
FY15 2.31 FY15 78.30
Best-ever effluent
FY14 2.31 FY14 78.00
discharge intensity
achieved in FY2017 FY13 3.58 FY13 77.70
TSJ: Tata Steel Jamshedpur

MATERIAL EFFICIENCY - TSJ (%)
TSI: Tata Steel India
FY17 92.90
FY16 92.40
FY15 91.30
FY14 91.20
FY13 90.80
Tata Steel Jamshedpur

Community Development: Positively impacting lives

We are aware that the regions that we operate in are largely socio-economically
STRATEGIC FOCUS AREA backward and have been impacted by political unrest. An overwhelming majority
Impact Based CSR of the population in these regions is dependent upon rain-fed, single-crop
agricultural produce for their livelihood. A major concern in these regions is the
STAKEHOLDERS development of the Scheduled Castes (SC) and Scheduled Tribes (ST) who constitute
Government a major percentage of the population. We promote Affirmative Action based on
Regulatory Bodies positive discrimination to improve levels of education, employment, employability,
entrepreneurship, while preserving the ethnicity of this section of the population.
Community
OUR GOAL The Tata Steel CSR Advisory Council comprises eminent personalities from academia
and development sector, who provide policy-level inputs for improvement of our
Positively impacting
CSR interventions. The priority areas for improvement identified in Jharkhand and
>2 million lives
Odisha are health, education and livelihood. The other areas of intervention are skill
ENABLERS development, ethnicity, water, civil infrastructure and sports.
Expand reach and impact of our
Initiatives in areas of Health,
Education, Livelihood, Water and Civil Thousand Schools Project
Infrastructure, Skill Development,
This ambitious project aims at making the Right to Education (RTE) Act a reality in six
Sports and Ethnicity
blocks of three tribal districts of Odisha Jajpur, Keonjhar, Sundargarh. The project
Leverage collaborative and financing envisions better access to school for children while improving the quality of education
opportunities that they have access to.
Improved teaching quality is imperative for quality education. Some of the key
CAPITALS IMPACTED initiatives in this direction are:
01 02 03
Instituting effective Enhancing teachers' Making available quality
classroom pedagogy capabilities teaching and learning materials
to strengthen the in classrooms
UN SDG foundation level
11- SUSTAINABLE CITIES & learning of children
COMMUNITIES
04 05 06
Setting up of Establishing an effective Enabling proper functioning
school libraries and academic monitoring of School Management
introducing tablet- mechanism Committees (SMCs), mandated
based classroom by the RTE Act to have oversight
content of school functioning and
performance
We have carried out numerous activities like staff orientation, training for teachers and
the youth. We also trained the School Management Committees (SMCs) and members of
Panchayati Raj Institution. We are implementing the project in partnership with Delhi-
based NGO ASPIRE.
IMPACT
1. 22,000 children have been positively impacted through this project

2. 400 habitations are child labour free across the six project blocks
3. 6,375 out of school children have been mainstreamed into education
4. 3,646 children have been helped to transition from primary to middle school
5. 12,705 school going children of primary classes have been helped to improve
Thousand Schools Project, Odisha
their learning levels significantly in Language and Maths (evidence-based)

KEY INITIATIVES
EDUCATION Improving the access and quality of education for all and scholarships for meritorious students
30 MODEL SCHOOLS JYOTI FELLOWSHIP TATA STEEL SCHOLARS PROGRAMME

ACTION
Construction of 30 model schools in Scholarships to meritorious SC/ST Assistance for professional education to meritorious SC / ST students
30 blocks in Odisha students
Spend of over
`29 Cr.
IMPACT
Delivered 3,083 students 95

3 model schools in FY2017 over 2,883 in FY2016 in FY2017 over 83 in FY2016
to the State Government in FY2017
with the required classroom
infrastructure
Another five are ready for handover
SPORTS & ETHNICITY Preserving culture
UNDER 10 FOOTBALL TRIBAL LANGUAGE PRESERVE AND PROMOTE TRIBAL

TRAINING CENTRES LEARNING CENTRES CULTURE AND HERITAGE
ACTION
Training at Tata Steel-backed football Promotion of tribal languages and Tribal Conclave
training centre literature
IMPACT
Over 800 boys trained in various Over 11,000 youth underwent Samvaad: The 3rd edition of of its past two editions, Samvaad
nuances of football training in tribal languages and 'Samvaad', a 5 day pan-India tribal 2016 featured sessions on 'Tribal
scripts conclave organised at Jamshedpur perspective on Development'. A tribal
on 'Tribal Health Systems', featured fashion show was also organised on
1,500 tribal artists, academicians, the concluding day
eminent personalities and activists
from 40 different tribes across
20 states in India. On the lines

HEALTH Primary healthcare, maternal and child healthcare, specialised healthcare and adolescent health programmes
MANSI MESU MMU SPECIALISED HEALTH

Maternal & Newborn Survival Mobile Eye Surgical Unit Mobile Medical Units CAMPS FOR FOCUSED
Initiatives
ILLNESSES
ACTION
A PPP model based initiative to train A collaborative venture between Tata Steel mobile clinics, deployed Specialised camps are held
Government appointed village level Sankara Nethralaya and IIT Madras, in areas deprived of a proper periodically in remote locations to
women heath workers and increase supported by Tata Trusts and Tata clinic/dispensary, to provide basic address specific diseases prevalent in
their capabilities to work towards Steel provides state-of-the-art consultation and medicine these areas
reducing neonatal and infant mortality cataract surgery in remote areas
IMPACT
46% reduction in Neonatal Held 7 camps, screened 4,36,992 people 87 health camps and
Mortality Rate around 3,700 people, benefitted through mobile medical 23,631 beneficiaries
conducted close to units in FY2017 (5,33,597 in FY2016) in FY 2017 (129 camps and 30,537
39% reduction in Infant Mortality 600 cataract surgeries beneficiaries in FY2016)
Rate and dispensed spectacles to around
350 people in some of the
(Since the inception of MANSI in 2010)
poorest and tribal-dominated areas
SUSTAINABLE LIVELIHOODS Enabling people
SYSTEM OF RICE FARMERS TRAINING VAARTA LIVELIHOOD INTERVENTIONS

INTENSIFICATION (SRI) IN VEGETABLE Agricultural Meet THROUGH COLLECTIVES FOR
METHOD OF PADDY CULTIVATION INTEGRATED LIVELIHOOD
CULTIVATION INITIATIVES (CInI)
ACTION
Working with farmers to deploy Improving cropping efficiency and Supporting farmers in undertaking Livelihood interventions in
scientific agriculture techniques maximising use of irrigation facilities modern agriculture by regular agriculture and knowledge transfer
leading to improvement in paddy yield interface with agricultural scientists through CInI
IMPACT
9,633 farmers 5,451 farmers Vaarta agriculture experts Reached out to nearly
trained in FY2017 on the SRI method trained in FY2017 (4,238 in FY2016) was held in Jamshedpur (Jan 2017), 1,500 rural women
(8,350 in FY2016) Kalinganagar and Gopalpur in FY2017 to improve their economic
(March 2017) and Noamundi condition and aid in becoming
(December 2016) with a total self-reliant
turnout of over 1,800

Reduction in Infant
Mortality Rate by 39%
since the inception of MANSI in FY2010
RISHTA BOKARO RIVER

DRINKING WATER
Regional Initiative For Safe Sexual
Health For Todays Adolescents PROJECT Reduction in Neonatal
Mortality Rate by 46%
Adolescents counseled on sexual Rainwater harvesting based project since the inception of MANSI in FY2010
health through school sessions and with a dam along with an intake well,
Youth Resource Centres capable of supplying approximately
1,000 kilo litres of filtered and
chlorinated water per day
24,402 youth touched in Caters to ~ 8,000 people in eight

FY2017 (23,741 in FY2016) villages of Ramgarh district
Key Performance Indicators UOM FY17 FY16 FY15 FY14 FY13

Beneficiaries of Mobile Medical Units and Static Clinics Nos. 4,70,463 5,68,984 4,37,070 4,19,821 3,72,048
Beneficiaries of specialised health camps Nos. 23,631 30,537 48,314 29,282 -
Adolescents touched through RISHTA (Regional Initiative For
Nos. 24,402 23,741 47,442 46,477 -
Safe Sexual Health for today's adolescents)
Meritorious students covered through fellowships Nos. 3,185 2,985 3,567 3,169 2,477
Meritorious students covered through TATA scholarship Nos. 95 83 53 4 -
Youth enrolled for skill development Nos. 3,090 3,089 3,458 1,743 2,225
Youth trained Nos. 1,784 1,578 1,938 1,572 N/A
Youth placed / Self employed Nos. 1,713 1,147 1,206 521 597
Women empowered through SHG Nos. 10,259 9,975 9,033 9,700 9,500
Farmers trained on System of Rice Intensification (SRI) method
Nos. 9,633 8,350 5,948 2,200 250
of paddy cultivation for yield improvement
Area under 2 and 3 crop
nd rd
In Acres 3,511 5,086 5,510 5,032 3,177
Ponds Nos. 209 200 426 92 -

Compliance, Ethics and Governance

Ethical behaviour is intrinsic to the way we conduct our business. The Tata Groups founder, Jamsetji Tata,
insisted that business must respect the rights of all its stakeholders and create an overall benefit for the
society.
Our corporate values of unity, responsibility, excellence, pioneering and integrity are the guiding
principles by which we strive to conduct our business.
Our governance framework flows from our Code of conduct and policies. The framework is designed to
ensure that our business is conducted in an honest and ethical manner, with integrity and it conforms with
the relevant laws and regulations of the countries where we operate in.
Tata Code of Conduct

All Tata Group companies subscribe to the Tata Code of Conduct (Code), which clearly articulates our
ethical principles and desired behaviours. The Code requires the Tata companies and employees to act
with professionalism, honesty and integrity and to preserve the human rights of every individual and
the community. The principles of the Code apply to all our dealings with our business partners who are
encouraged to adhere to similar standards. The Code covers various subjects like equal opportunity
employer, dignity & respect, human rights, bribery & corruption, gifts and hospitality, conflict of interest,
financial reporting and records among others.
The Tata Code of Conduct is augmented by a number of policies that help strengthen governance
practices at Tata Steel. These policies include the Conflict of Interest Policy, The Policy for Receipt of Gifts
and Hospitality, The Whistle Blower Policy and the Prevention of Sexual Harassment at Workplace Policy.

Affirmative Action
During the year, the Company
In accordance with its Affirmative Action Policy, Tata Steel encourages provided both classroom and
business entrepreneurs from socially disadvantaged communities web module training to people
and includes them in its supply chain on the basis of equal merit. The who work at its sites. Training
Company has leveraged its growth projects to diversify its workforce was provided on POSH1, COI2 and
through positive discrimination in favour of local, marginalised TCOC3
communities and women. Also, Tata Steel chooses organisations
aligned to its Affirmative Action Policy as its Strategic Sourcing 3,281 Officers
partners. 14,430 Non-Officers
Building Blocks of Responsible Procurement 22,069 Contractors' Employees'
Policy outlines the fair business practices by which
Tata Steel conducts business and we expect our
We require suppliers to maintain effective policies,
processes and procedures to manage their
1,085 Vocational Trainees
suppliers to adopt similar principles. environmental impact.
EN POSH- Prevention of Sexual Harassment
Tata Code of Conduct VI
RO
Green Supply Chain 1
IR S NM COI- Conflict of Interest

FA NES ES
2
S I IC EN
T 3
TCOC- Tata Code of Conduct
We expect our suppliers BU ACT We expect our suppliers to
P R
to adopt management develop and implement
practices in respect of Health policies and procedures
& Safety which provide a to ensure all human rights
&
RIG AN
high level of safeguarding in their business and to

HEA ETY
H M
LTH
for their workers. encourage their suppliers

HTS
SA F
to do likewise.
SA 8000 and TSL
Safety Norms LOCAL SA 8000
COMMUNITY
DEVELOPMENT
We expect our suppliers to contribute to the social,

economic and institutional development of the
communities in which they operate.
Affirmative Action

WAY FORWARD
We will continue to seamlessly deploy our strategy, heading
towards the goals set for each of our strategic focus areas.
Safety - Zero injury and fatality Diversity and Inclusion

We will continue with our efforts of building leaderships With an ambition of having at least 20% women in workforce,
competency, improving contract worker safety management we will continue to uphold our ethos of being an equal
and all other process improvements for identifying safety opportunity employer
hazards and mitigating risks, to ultimately reach our goal
of Zero LTI
Scale-up Services and Solutions Technology Leadership

We will aim to ramp-up and stabilise our new operations and We will continue to be the front runners in adoption of new
continue our efforts towards developing value-added services technologies, both in terms of product development and
and products for meeting varied customer requirements process efficiencies

Thin Slab Casting and Rolling, Tata Steel Jamshedpur
Climate change strategy: Digitalisation - Realise value and improve

Reduction in specific water consumption stakeholder experience
and CO2 emission We will exploit digital technology to the fullest for value
enhancement and improving customers and partners
We will continue to evolve our operational practices and adopt
experience. In view of Industry 4.0, we will strive to be ahead
state-of-the-art technologies to increase resource efficiency
of the curve in adopting disruptive digital technologies
and reduce emissions
Improvement in employee engagement Cost Leadership

We will constantly strive to be one of the top quartile ranking With our multi-pronged approach of improving process
companies in the space of employee engagement. We will efficiencies, optimising raw-material usage, waste recycling
keep focussing on employee well-being and happiness. and employee productivity enhancement, we will keep
honing our efforts of cost-leadership

DIRECTORS REPORT
SUSTAINABILITY
GOVERNANCE
Butterfly Park at Noamundi
Sustainability Framework at Tata Steel

Sustainability is embedded in the very culture of Tata Steel. This stems from our visionary founder JN
Tatas belief that the community is not just another stakeholder in business, but the very purpose of our
organisations existence. This belief is also reflected in the vision and values of Tata Steel that balance the
aspiration of value creation along with the responsibility of being a benchmark corporate citizen.
Sustainability Approach
Our approach is articulated not just in the Sustainability Policy, but also our CSR Policy, HR Policy, Affirmative Action Policy,
Climate Change Policy, Environment Policy and Energy Policy. These are available on our corporate website
www.tatasteel.com. Some of the key aspects of our approach include:
Stakeholder Engagement Participation in national and

We have established various platforms for periodically international forums
listening to stakeholder voices such as the community, Our senior leaders work with various industry bodies like
investors, customers and employees. These are prioritised the World Steel Association (WSA), the Confederation
and built into our business objectives and strategies. of Indian Industry (CII), Global Reporting Initiative (GRI),
International Integrated Reporting Council (IIRC), UN
Global Compact (UNGC) and the Task Force on
Climate-related Financial Disclosures (TCFD) for further
guidance on implementing sustainability practices.
Corporate Sustainability team External Experts perspectives

The team is responsible for mainstreaming sustainability Our Corporate Sustainability team also drives various
across the organisation and its value chain. The team tracks external assessments like the Dow Jones Sustainability
global best practices related to sustainability and facilitates Index and those conducted by the Confederation of Indian
their incorporation in the key processes of the Company. Industry. We use feedback from these external assessments
for further improvement. Aligned with the United Nations
Sustainable Development Goals (SDGs) and COP21, we
are now taking on the challenge of further reducing our
carbon and water footprints and enhancing the impact of
our CSR activities in the locations where we operate.

Leading The Way

The Tata Values and Tata Code of Conduct serve as the guiding philosophies
of our work culture. The performance related to various Sustainability issues
is reviewed at the Corporate as well as the Board level. The Board-level
Globally, Tata Steel
Committees with their scope and membership have been detailed in the
was adjudged the
Corporate Governance Report. At the Corporate-Level, various committees
Steel Industry Leader
review the sustainability and governance initiatives. These include the Apex
by the Dow Jones
Safety Committee, Apex Environment Committee, Apex HRD Committee,
Sustainability Index
Apex CSR Committee, Apex R&D Committee and Quality & Production
for the year 2016.
Meeting. These Committes are chaired by the Managing Director/Group
Executive Director.
Tata Steel has won the

Indian Institute of Metals
Sustainability Award
for FY2016.
In December 2016, Tata

Steel Jamshedpur Works
underwent the
GreenCo assessment
conducted by CII-Green
Business Centre
and was awarded
Platinum rating, the
highest on the GreenCo
rating scale. This made
Tata Steel the first and
the only Integrated Steel
Afforested Botanical Park, Noamundi, Jharkhand Plant to be awarded the
GreenCo Platinum rating.

SUSTAINABILITY GOVERNANCE
Embedding Sustainability
The Corporate Sustainability group formulates and reviews the Companys Sustainability Policy. The key material
issues (issues critical to value creation ability of the Company and of key interest to investors and other stakeholders)
listed below are embedded in the business objectives at apex and divisional levels and are acted upon as well as
reviewed.
Materiality
We had conducted a materiality assessment for Tata Steel in FY2014. The material issues were identified by mapping
stakeholder concerns and our business priorities. The identified material issues have been largely addressed.
Moreover, in keeping with the developments in the external environment and changing stakeholder expectations,
we have identified some additional issues which are material to us. We have plans to revisit our materiality through a
third party study in near future.
Key Material Issues
SOCIAL ENVIRONMENTAL
Health & Safety Capability Building GHG emissions Water consumption

of employees and effluent discharge
Diversity and Impact based CSR in Resource efficiency

inclusion in the community areas in
workforce Jharkhand and Odisha
The economic material issues are part of our Business Objectives and Strategies. Further, to embed an integrated
approach in the organisation and create a balance between the six capitals as per the IIRC framework, the key work
processes of the Company are being reviewed by the Corporate Sustainability Group to identify gaps and enrich
the work processes. This project is aimed at the inclusion of stakeholder issues at each process level and transition
to integrated thinking and working. It also envisages minimising the negative impacts of our operations on the
environment and society.
Creating a Culture for Sustainability

Customised awareness programmes for Tata Steel officers (both at entry and existing) are conducted at regular
intervals across the Company. Such programmes on relevant aspects of sustainability are also made available to
external stakeholders such as suppliers and the community. Focused campaigns and celebrations (such as World
Environment Day, Earth Day, Biodiversity Day, Safety Week, World Health Day, Anti-Tobacco Day and Ethics Month)
are undertaken to drive awareness on environmental, health and safety issues. In June of every year, we celebrate the
Tata Sustainability Month to mainstream Sustainability in our business and processes. In 2016, a Sustainability Expo
was held for the first time during the Tata Sustainability Month.

KEY DEVELOPMENTS IN FY2017
Tata Steel released its first Integrated Report for

FY2016, replacing two separate reports (Annual
Report and Sustainability Report).
A new Carbon (Shadow) Pricing mechanism has

been introduced for evaluation of capital projects.
The Energy Policy was revised to include explicit

intent on renewable and non-conventional sources
of energy.
The use of Life Cycle Assessment (LCA) as a

decision-making tool was strengthened and
projects for mainstreaming LCA as a
decision-making tool was initiated.
BMUB/Carsten Emmerich.
Way Forward in Our Disclosures Our Partnerships

Sustainability Integrated Annual Report presenting The Company is an active member
the value creation story of Tata Steel of industry associations that have
Carbon Neutrality
to all stakeholders an international and nationwide
Studies and discussions have been
Disclosure to RobecoSAM DJSI presence such as Worldsteel
initiated for carbon sequestration
Corporate Sustainability Assessment Association, United Nations Global
and use of breakthrough
CDP (erstwhile Carbon Disclosure Compact (founding member),
technologies and renewable energy.
Project) disclosure for Climate Confederation of Indian Industry,
Change and Water Federation of Indian Chambers of
Water Footprint
Application for Worlds Most Ethical Commerce and Industry, Federation
Study to be initiated for base-
Companies (WME) to Ethisphere of Indian Mineral Industries, Indian
lining of watershed potential at
Institute, USA Institute in Metals and The Energy
Jamshedpur.
Communication of Progress to UNGC and Resources Institute
on the ten principles of Sustainability Tata Steel is an active member of the
Integrated Approach
Environment Compliance Reports steel industrys 'Energy Operating
Mapping of key work processes
Other Statutory disclosures as per Committee' to share performance
to include the social and
Companies Act, 2013 and SEBI and enablers as well as form industry
environmental considerations in
Regulations opinion for advocacy
line with the six capitals of IIRC
Tata Steel has supported the Bureau
framework for further improving
of Energy Efficiency (BEE) as a
Integrated Thinking has been
member of the Industry Expert Group
initiated.

AWARDS AND RECOGNITION
AWARDS AND RECOGNITION
Prime Ministers Trophy for the Best Performing Integrated Safety and Health Excellence recognition 2016 in
Steel Plant in the country for the performance year 2013-14 'Leadership' category by World Steel Association
Best Companies to Work for 2016 award in the core sector Best Risk Management Practice Award in the category of
by Business Today Metals & Mining at the 3rd India Risk Management
Awards 2017
Financial Capital Human Capital

Winner in the Iron & Steel sector for the Dun & Bradstreet Worlds Most Ethical Company Award 2017 - Recognised for the
Corporate Awards 2016 fifth time by Ethisphere
Manufactured Capital Social & Relationship Capital

Tata Tiscon & Tata Shaktee have been selected as 'Consumer Conferred the Tata Affirmative Action Programme (TAAP) Jurys
Superbrand' for 2016-17 by Superbrands India Pvt. Ltd. for the Award 2016 for the fourth year in succession
third consecutive edition Awarded 'National Award for Outstanding Achievement in Industrial
6th EPC awards in the 'Outstanding Company in Steel' category for Relations' by All India Organisation of Employers (AIOE)
exceptional contribution towards infrastructure and construction
sector
Natural Capital
Global Steel Industry Leader in the Dow Jones Sustainability
Intellectual Capital Index 2016
Clarivate Analytics Innovation Award 2016 Tata Steel continues to be a climate action member of
Tata Steel's Advanced Corrosion Research Centre received the World Steel Association
Excellent Laboratory Award from National Association of Indias 1st Steel company to receive GreenCo Platinum Rating by
Corrosion Engineers, International Gateway - India section CII - Green Business Centre
Awarded A Rating - Climate Leadership Band by CDP for Climate
Change disclosures for Supply Chain
Noamundi Iron Mine and Joda East Iron Mine accorded Five Star
rating for its sustainable mining practices by Ministry of Mines,
Government of India

STATUTORY REPORTS
Directors' Report 66
Annexure 1 Dividend Distribution Policy 88
Annexure 2 Management Discussion and Analysis 91
Annexure 3 Annual Report on CSR Activities 105
Annexure 4 Corporate Governance Report 108
Annexure 5 Particulars of Remuneration 123
Annexure 6 Financial Information of Subsidiary Companies 126
Annexure 7 Information on Subsidiaries, Joint Ventures or Associates 134
Annexure 8 Secretarial Audit Report 135
Annexure 9 Extract of Annual Return 137
Annexure 10 Particulars of Loans, Guarantees and Investments 154
Annexure 11 Particulars of Conservation of Energy, etc. 155
FINANCIAL STATEMENTS
HIGHLIGHTS
Financial Highlights 161
Financial Ratios 162
Production and Financial Statistics 163
Dividend Statistics 164
STANDALONE
Independent Auditors Report 165
Balance Sheet 172
Statement of Profit and Loss 173
Statement of Changes in Equity 174
Statement of Cash Flows 176
Notes 178
CONSOLIDATED
Independent Auditors Report 247
Balance Sheet 252
Statement of Profit and Loss 254
Statement of Changes in Equity 256
Statement of Cash Flows 258
Notes 260
NOTICE 353

DIRECTORS REPORT
DIRECTORS
REPORT
To the Members,
Your Directors take pleasure in presenting the 2nd Integrated Report (prepared as per the framework set forth by the International
Integrated Reporting Council) and the 110th Annual Accounts on the business and operations of the Company, along with the summary of
standalone and consolidated financial statements for the year ended March 31, 2017.
A. FINANCIAL RESULTS
(` crore)
Tata Steel Standalone Tata Steel Group
Particulars
2016-17 2015-16 2016-17 2015-16
Gross revenue from operations 53,260.96 42,697.44 1,17,419.94 1,06,339.92
Total expenditure before finance cost, depreciation (net of expenditure transferred to capital) 41,385.01 35,085.65 1,00,412.12 98,371.59
Operating Profit 11,875.95 7,611.79 17,007.82 7,968.33
Add: Other income 414.46 391.16 527.47 412.22
Profit before finance cost, depreciation, exceptional items and taxes 12,290.41 8,002.95 17,535.29 8,380.55
Less: Finance costs 2,688.55 1,848.05 5,072.20 4,221.41
Profit before depreciation, exceptional items and taxes 9,601.86 6,154.90 12,463.09 4,159.14
Less: Depreciation 3,541.55 2,962.28 5,672.88 5,306.35
Profit/(Loss) before share of profit/(loss) of joint ventures & associates, exceptional items & tax 6,060.31 3,192.62 6,790.21 (1,147.21)
Share of profit / (loss) of Joint Ventures & Associates - - 7.65 (110.42)
Profit/(Loss) before exceptional items & tax 6,060.31 3,192.62 6,797.86 (1,257.63)
Add/(Less): Exceptional Items (703.38) (1,649.28) (4,324.23) 3,990.38
Profit before taxes 5,356.93 1,543.34 2,473.63 2,732.75
Less: Tax Expense 1,912.38 587.69 2,778.01 689.96
(A) Profit/(Loss) after taxes - from Continuing operations 3,444.55 955.65 (304.38) 2,042.79
Profit/(loss) before tax from Discontinued operations - - (770.86) (2,485.45)
Less: Tax expense of Discontinued Operations - - 8.01 54.43
Profit/(Loss) after tax from Discontinued Operations - - (778.87) (2,539.88)
Profit/(Loss) on Disposal of Discontinued Operations - - (3,085.32) -
(B) Net Profit/(loss) after tax - from Discontinued operations - - (3,864.19) (2,539.88)
(C) Net Profit/(Loss) for the Period [ A + B ] 3,444.55 955.65 (4,168.57) (497.09)
Total Profit/(Loss) for the period attributable to:
Owners of the Company - - (4,240.80) (382.78)
Non controlling interests - - 72.23 (114.31)
(D) Total other comprehensive income 675.79 (3,407.13) (563.06) (1,898.17)
(E) Total comprehensive income for the period [ C + D ] 4,120.34 (2,451.48) (4,731.63) (2,395.26)
Retained Earnings: Balance brought forward from the previous year 10,075.75 6,852.56 (2,415.49) (5,925.75)
Add: Profit for the period 3,444.55 955.65 (4,240.80) (382.78)
Less: Distribution on Hybrid perpetual securities 266.10 266.17 266.10 266.17
Add: Tax effect on distribution of Hybrid perpetual securities 92.09 92.11 92.09 92.11
Add: Other Comprehensive Income recognised in Retained Earnings (142.42) (3.28) (3,549.43) 1,644.93
Add: Other movements within equity 1.75 3,371.15 (142.57) 3,348.44
Balance 13,205.62 11,002.02 (10,522.30) (1,489.22)
Which the Directors have apportioned as under to:-
(i) Dividend on Ordinary Shares 776.97 776.97 776.97 776.97
(ii) Tax on dividends 147.74 149.30 147.74 149.30
Total Appropriations 924.71 926.27 924.71 926.27
Retained Earnings: Balance to be carried forward 12,280.91 10,075.75 (11,447.01) (2,415.49)
The Company has adopted Indian Accounting Standard (Ind AS) with effect from April 1, 2016 and accordingly these financial results along
with the comparatives have been prepared in accordance with the recognition and measurement principles stated therein, prescribed
under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally
accepted in India.

Note: In terms of the above requirement, the Board of Directors of

During the year, the exceptional items primarily include: the Company have formulated a Dividend Distribution Policy (the
a) Provision for demands and claims (`218 crore), charge on account of Employee Policy). As per the policy, the Company endeavours to pay dividend
Separation Scheme (ESS) under Sunehere Bhavishya Ki Yojana (SBKY) scheme up to 50% of profit after tax of the Company (as determined by the
(`207 crore), provision for advances given for repurchase of Equity shares in Tata Board of Directors and approved by the shareholders) subject to
Teleservices Ltd. from NTT DoCoMo Inc. (`125 crore) at Tata Steel India. the applicable rules and regulations. The detailed policy is annexed
b) Impairment Charges (`268 crore) in respect of property, plant and equipment to this report (Annexure 1) and is also available on our website
(including CWIP) and intangible assets mainly relating to European & South-East www.tatasteel.com
Asian Operations.
c) Restructuring and other provisions (`3,614 crore) primarily include curtailment 3. Transfer to Reserves
charge relating to closure of Tata Steel Europes British Steel Pension Scheme
The Board of Directors has decided to retain the entire amount of
(BSPS) to future accrual.
profits in the profit and loss account.
d) Profit on sale of investments in subsidiaries, associates and joint ventures
(`23 crore) and Profit on sale of assets of a subsidiary in South-East Asia on
4. Capex and Liquidity
liquidation (`86 crore).
During the year, the Company on a consolidated basis spent
The exceptional items in Financial Year 2015-16 primarily represents:
`7,716 crore on capital projects across India, Europe, South-East
a) Provision for demands and claims (`880 crore), charge on account of Employee
Asia, Canada and Africa largely towards essential sustenance and
Separation Scheme (ESS) under Sunehere Bhavishya Ki Yojana (SBKY) scheme
replacement as also on growth projects in India and Netherlands.
(`556 crore), provision in respect of advances related to a project which the
Despite this significant spend, the Company was able to keep the
Company has decided to discontinue (`73 crore) at Tata Steel India.
gross debt level stable during the year.
b) Impairment Charges (`1,530 crore) in respect of property, plant and equipment
(including CWIP) and intangible assets mainly at certain Subsidiaries, Tata Steel The Companys liquidity position remains strong at `19,777 crore
Europe & Tata Steel India. as on March 31, 2017, which includes undrawn lines.
c) Net gain (`6,983 crore) primarily on account of changes to BSPS and Stichting
Pensioenfonds Hoogovens (SPH) scheme and other restructuring exercise 5. Management Discussion and Analysis
relating to the European operations.
The Management Discussion and Analysis as required
d) Profit on sale of investments in subsidiaries, associates and joint ventures
by the Securities and Exchange Board of India (Listing
(`47 crore).
Obligations and Disclosure Requirements) Regulations, 2015
(Listing Regulations) is incorporated herein by reference and
1. Dividend
forms an integral part of this report. (Annexure 2)
The Board recommended a dividend of `10 per Ordinary Share
on 97,12,15,889 Ordinary Shares of `10 each for the year ended B. INTEGRATED REPORT
March 31, 2017. (Financial Year 2015-16: `8 per Ordinary Share on
In keeping with the Companys valued tradition - thinking about
97,12,15,439 Ordinary Shares of `10 each).
society and not just the business, the Company, in the previous
The dividend on Ordinary Shares is subject to the approval of the reporting year, moved from compliance based reporting to
shareholders at the Annual General Meeting (AGM) scheduled to governance based reporting. The Company adopted the <IR>
be held on August 8, 2017. The dividend will be paid on and from framework developed by the International Integrated Reporting
August 10, 2017. The total dividend pay-out works out to 34% Council and presented to its stakeholders the 1st Integrated Report
(Previous Year: 97%) of the net profit for the standalone results. for the period ended May 2016.
The Register of Members and Share Transfer Books will remain The Board is happy to present the 2nd Integrated Report which
closed from July 22, 2017 to August 8, 2017 (both days inclusive) endeavours to comprehensively articulate the measures that
for the purpose of payment of the dividend for the Financial Year contribute to long-term sustainable value and the role the Company
ended March 31, 2017 and the AGM. plays in the society.
2. Dividend Distribution Policy C. EXTERNAL ENVIRONMENT

The Securities and Exchange Board of India (SEBI) vide its 1. Macro-Economic Environment
notification dated July 8, 2016, requires the top 500 listed entities
During the Financial Year 2016-17, the global economy continued
(based on the market capitalization calculated as on March 31 of
its modest pace of growth at 3% amidst weak international trade,
every financial year) to formulate a dividend distribution policy
subdued industrial production and investment. The advanced
and disclose the same in their annual reports and on their websites.
economies witnessed recovery in manufacturing and trade other
than industrial production at different points in time. The emerging

DIRECTORS REPORT
and developing economies grew at a diverse pace due to the global and services. Government initiatives like Make-in-India, Invest
trade related policy measures and commodity price movement. India, Start Up India and e-biz Mission Mode Project under the
national e-governance plan are helping to improve ease of doing
The United States of America (USA) witnessed economic growth
business in the country. In addition, the biggest tax reform since
of 1.6%, slowest in the past three years. Better than expected
Independence, Goods and Services Tax (GST) will help simplify
economic indicators such as lower unemployment, business
Indias tax regime and is likely to boost GDP and reduce inflation
activity and improved sentiment post the Presidential elections did
in the long-term despite the threat of a potential slowdown in
not translate into increased spending. Eurozone continued its 14th
economic activity during the transition to the GST in the near term.
consecutive quarter of growth of 1.8%, as business confidence
continued to remain resilient despite Britains vote to leave the However, structural issues continue to pose a significant risk to the
European Union (EU). In Japan, strong domestic demand and net growth cycle. Firstly, initiative of the US Government of advancing
exports helped achieve growth of 1%. Among the emerging and Buy American Hire American and political trends in Europe and
developing economies, China continued to maintain its growth elsewhere suggest a rising wave of protectionism which may
rate at ~7%, aided by policy support, while growth in India slowed lead to reversals of trade liberalization and geo-political conflicts.
down to 7.1% due to the temporary impact of demonetization on Secondly, economic policy uncertainty continues to be high,
key sectors including construction and financial services. Growth in given USAs expansive pro-growth reforms and China taking lead
Middle East and sub-Saharan Africa was impacted by geo-political/ in globalization 2.0. This poses a risk of high level of volatility in
domestic conflicts. The rise in commodity prices in latter part of the the financial markets. Thirdly, debt and deficits among emerging
year helped trigger cyclical recovery in certain regions and thus market and developing economies are on the rise making them
helped overall global growth. susceptible to increase in borrowing costs. Fourthly, outcome of
the Brexit negotiations is likely to impact the pace of recovery in
2. Economic Outlook UK as well as Eurozone economy.
According to International Monetary Fund (IMF), global growth is
D. STEEL INDUSTRY
projected to rise to 3.5% in 2017 and 3.6% in 2018, moving closer
to the long-term growth trend of 4%. The outlook indicates a likely
1. Global Steel Industry
up cycle of modest recovery after three successive shocks the
global financial crisis of 2007-09, the Eurozone crisis of 2009-13 Global steel markets recovered during Financial Year
and decline in commodity prices during 2014-15. However, the 2016-17 registering better than estimated production & demand
uncertainty with respect to sustainable growth remains. While the growth. During the year, the global steel demand grew by 1% to
continued recovery and gradual closing of output gaps are likely 1.52 billion tonnes on the back of stronger than expected
to maintain growth momentum in the advanced economies over demand growth in China (1.3%) coupled with optimism on
the next few years, supportive policy and adjusting to current supply-side structural reforms and restocking. The crude steel
price levels by commodity exporting countries are expected to aid production was 1.63 billion tonnes, up by 0.8% compared to
growth in emerging and developing economies. the previous year. China remains the worlds largest crude steel
producer with the production at 0.8 billion tonnes. Chinas
US growth is expected to recover as investments increase and
apparent steel consumption has continued to remain structurally
domestic policies aid growth. The euro area recovery is expected to
below its production level leading to exports of 0.1 billion tonnes
proceed at a broadly similar pace in 201718 as in 2016. The modest
in spite of global protectionism. The global capacity utilization
recovery is projected to be supported by a mildly expansionary fiscal
ratio remained around 70% in spite of proactive measures
stance, accommodative financial conditions and a weaker euro. The
being undertaken in China and Europe. For instance, Chinese
medium-term outlook for the euro area is likely to be impacted by
Government intends to reduce steel production capacity by
weak productivity, adverse demographics, and, in some countries,
100-150 million tonnes by 2020, and has also announced merger
unresolved legacy problems of public and private debt overhang,
of two major Chinese steel producers in the previous year.
with a high level of non-performing loans. Further, uncertainty
about the European Unions future relationship with the United The overcapacity of steel production in the developing world
Kingdom (UK) is expected to weigh on economic activity. China particularly in China has weighed on global steel prices for quite
is expected to continue its gradual economic transition to a more some time. During the year under review, the raw material prices
service economy and coupled with partial recovery in commodity remained volatile especially for coking coal due to supply related
prices, it is expected to drive growth in certain emerging and issues. In addition, prolonged oversupply in iron ore has led to
developing economies. lower level for raw material prices despite steel realizations getting
support from cost push as raw material prices fluctuated on supply
As per IMF, India is expected to grow at 7.2% in 2017 and surpass
issues in the second half of 2016. However, regulatory measures
the UK and France in 2017 to become the worlds fifth largest
announced by the Indian Government during the year have
economy. The macro-economic stability with inflation below
continued to aid domestic steel prices. The Indian steel industry
5% continues to be the foundation of economic success which
has increased its capacity in the recent years, though the demand
is reflected by growth in its key sectors - agriculture, industrial

growth has remained muted. This has resulted in financial stress weaker euro is expected to improve domestic competitiveness
in the balance sheet of the steel players. The Government of India against imports.
and the Reserve Bank of India is currently deeply engaged to find
a structural solution to the above issue. The domestic crude steel E. OPERATIONS AND PERFORMANCE
capacity rose to 122 million tonnes, an increase of 11% year-on-
year while the production of finished steel was around 101 million 1. Tata Steel Group
tonnes. The Financial Year 2016-17, saw a modest consumption
During the year under review, the Tata Steel Group (the Group)
growth of 3% due to low growth in construction sector and impact
recorded total deliveries of 23.88 million tonnes (previous year - 23.54
of demonetisation and a sharp decline in imports as domestic
million tonnes). The steel deliveries increased at Tata Steel India by 15%,
supply rebounded to the extent that India became a net exporter
primarily due to ramp up of the Kalinganagar Steel Plant. This increase
of steel, after a gap of three years.
was offset by lower deliveries at Tata Steel Europe by 9% due to sale
In Europe, anti-dumping legislation, currency movement, growth in of the long products business and closure of Llanwern mill to focus on
apparent demand and low inventory levels have led to an increase higher value sales mix.
in demand by 2% to 155 million tonnes compared to 2015. During
During the year, the turnover for the Group was at `1,17,420 crore, an
the year, the total activity in the steel end use sectors especially
increase of 10% over the previous year. The growth is largely driven
automotive rose by 1.7%, similar to the previous two years.
by strong performance from Indian Operations with volume growth
in steel and ferro alloys business and supportive global pricing
2. Outlook For Steel Industry
environment. The Group EBITDA was `17,025 crore, an increase
As per the World Steel Association (WSA), global steel demand of 114% compared to previous year EBITDA of `7,951 crore. This
is expected to grow at 1.3% in 2017 to 1.54 billion tonnes and a improvement comes on the back of strong global market conditions,
further 0.9% in 2018 to 1.55 billion tonnes. Recovery in developed strong volume growth in India and the impact of the implementation
economies and accelerating growth in emerging and developing of transformation program and restructuring efforts in Europe to
markets especially Russia, Brazil and India is expected to aid improve the underlying performance.
demand growth and keep inventory levels low which in turn
During the year, the industry witnessed recovery in steel prices
is expected to support global steel prices. However, low level
mainly driven by increase in coking coal and iron ore prices
of capacity reduction than targeted by nations and continued
improvement in underlying global demand and lower seaborne
oversupply in raw materials especially iron ore are likely to weigh
imports. However, the timing and extent of continued price
down on the prices in the absence of effective trade measures and/
recovery or the sustenance of the current demand cycle is
or increase in steel demand.
uncertain. In response to recent declines and higher volatility in
Chinas steel demand which accounts for 45% of global steel steel and raw material prices, the Company has implemented a
demand is expected to be flat this year at 681 million tonnes while number of cost-saving measures intended to improve operating
falling by 2% to 667 million tonnes in 2018. However, as per WSA, income as well as measures to enhance cash generation from the
steel demand in emerging and developing economies excluding business.
China is expected to grow at 4-5% per annum in the next two years
The Group reported a consolidated loss after tax (including
to 475 million tonnes. In addition, the advanced economies are
discontinuing operations) of `4,169 crore as against a loss of
expected to grow at 1% for the next two years.
`497 crore in the previous year. The years loss includes an
Indias prospects continue to remain bright albeit with few short- exceptional charge of `4,324 crore mainly due to British Steel
term headwinds in the form of imports and surplus capacity. Pension Scheme (BSPS) curtailment charges, while an exceptional
Proactive policy measures by the Government are expected gain of `3,990 crore was recorded in the Financial Year 2015-16.
to address most of these concerns. For instance, a Steel Price
Monitoring Committee was formed by the Government with an 2. India
aim to monitor price rationalization, analyse price fluctuations
In Financial Year 2016-17, Tata Steel India deliveries grew by 15%,
and advise all concerned regarding any irrational price behaviour
significantly better than the broader market and reached a level
of steel commodity. As per WSA, steel demand in India is expected
of 11 million tonnes (previous year - 9.5 million tonnes). This is
to grow at 6-7% per annum in the next two years, compared to
a testament of the strength of the business model of the Indian
4% in 2016.
operations, the strength of the business relationships, the power of
European prospects for 2017 and 2018 are mildly positive. As the product brands and the robustness of the distribution channel.
per WSA, EU is expected to grow at 0.51.5% per annum in the The Companys sales to the automotive segment increased by
next two years due to improving domestic demand with private approximately 9% over previous year, as the Company continued
consumption as key driver in 2017 and investment taking over the to partner with its automotive customers in the drive towards
lead in 2018. The Government measures to counter cheap imports localization. New model launches, aided by a strong growth in the
would support domestic prices in the near term. In addition, passenger vehicle segment, also helped the Company to increase

DIRECTORS REPORT
the market share in the automotive space. Similarly, the Companys TSE also launched 20 new products and was able to increase the
Industrial Products, Projects and Exports vertical witnessed a 47% share of differentiated products to 37% and of new products to
year-on-year growth. 8%. TSEs focus remains on developing differentiated products and
services like Serica and MagiZinc products which improve car body
The Companys branded products portfolio has been growing
appearance and performance.
strongly and the Company continues to invest in this portfolio with
the aim of gaining greater market share. In India, the Company The Hot Strip Mill at Port Talbot in the UK broke its previous financial
launched 31 new products and the branded products contributed year volume record of 3.22 kt to produce 3.32 kt in the current
to around 45% of the revenue. financial year. The Galvanising Line 3 in IJmuiden, Netherlands
broke its previous financial year volume record of 552 kt to produce
The newly launched Services & Solutions business is performing
562 kt in the current financial year. The customer complaints for the
as per plan and the Company is optimistic about its potential
year in the Strip Products business in Mainland Europe were the
to generate 20% of its revenue in the future. The Company is
lowest at 0.18%.
already engaged in development of several solution products
based on steel, including doors, windows, modular housing, During the year, the revenues remained flat at `52,085 crore
toilets and water ATMs etc. The Company is also foraying compared to previous year at `53,555 crore while the EBITDA
into furniture space and the products would have wood or improved very significantly to `4,705 crore from the EBITDA loss of
wood-like finish but blended steel structure. `513 crore in the previous year. The strong performance is due to
stronger market conditions during the year, focussed transformation
During the year, revenues from Indian operations increased to
program in the UK and sustainable profit program in the Netherlands,
`53,261 crore (previous year `42,697 crore). The EBITDA was
including the supply chain transformation programme which went
`11,953 crore, 53% higher than the previous year EBITDA of
live during the year.
`7,792 crore. The Profit after tax was also higher at
`3,445 crore (previous year `956 crore). During the year, the During the year, TSE was recognized as the best supplier of steel
various improvement initiatives including Shikhar25 contributed and nominated for future supplies by Renault, Ford and Toyota. TSE
improvement savings of over `3,400 crore. was also awarded the Quality through Excellence award by Volvo,
a first time award given to a steel supplier. The PeopleLink project
The strong performance during the year under review is due to
team within TSE was selected as the Gold Winner of the SAP UKI
supportive realisations and strong growth in deliveries due to ramp
Quality Awards in the HR Cloud Category.
up of the Kalinganagar plant. The Kalinganagar operations continues
to ramp up well both in terms of quantity and quality. The plant
4. South-East Asia
crossed 2.2 million tonnes of Hot Metal and 1.5 million tonnes of Hot
Rolled Coil production since commissioning in May 2016. Moreover, During the year, the performance in South-East Asia was strong on
the performance of the Ferro Alloys & Minerals division registered the back of continued thrust by the Government on infrastructure
sharp improvement backed by improved market conditions. The full projects, particularly in Thailand. The revenues stood at `8,245 crore
year operating profit of the division at `1,165 crore was higher by (previous year `7,851 crore), the EBITDA was `528 crore (previous
`1,040 crore compared to the previous year. year `222 crore) and the Profit after tax was `175 crore (previous
year loss of `237 crore). The improvement in performance
3. Europe is mainly attributable to improved realizations, better spread
management and cost rationalization initiatives.
During the year, the mild steel demand growth in the European
Union was fully absorbed by imports, with import volumes NatSteel Holdings (NSH) operations improved significantly.
at historically high levels, although anti-dumping measures Domestic market demand for steel bars remained weak in
provided some relief in the market prices, supported by lower Financial Year 2016-17 due to sluggish construction market.
raw material costs. Continuous cost reduction initiatives, including re-alignment of
optimal capacity level with demand achieved a fixed cost saving
Several strategic and critical re-structuring initiatives were
of S$20m. Mothball of NatSteel Xiamen (NSX) operations in mid
undertaken in TSE during the year, such as the sale of Long Products
Financial Year 2015-16 had improved EBITDA. Further, during the
business to Greybull Capital LLP, closure of Llanwern Mill in the UK,
year, NSX sold its land and other assets and has realized `86 crore.
right sizing of manpower, announcement of collaboration with
strategic players, sale of Speciality Steel business to Liberty House During the year, Tata Steel Thailand (TSTH) delivered better
and closure of the defined Benefit Pension Scheme to the future performance on all fronts as compared to previous year. TSTH
accruals. achieved reduction in conversion costs both at steel plant and
rolling mill stage. TSTH is committed to deliver value added
On the operational front, TSE launched a number of new digital
products and services to its customers. In this regard sale of High
services to transform the customer experience and deliver value
Tensiles, Siesmic and cut and bend Rebars surpassed the previous
viz. Tata Steel in Europe Customer Portal, Tata Steel in Europe
records. TSTH invested in phase 3 of state-of-the art cut and bend
eShop, Connecting Systems and Building Information Modelling.
facility at NTS plant and completed the project in March 2017.

During the year, sale of new products at TSTH touched new heights. its presence in other attractive segments like Oil & Gas and Lifting &
Wire rods business saw a significant improvement in the second Excavation enabled by its new plant at Kalinganagar. The Company
half of the financial year due to higher import prices from China, also aims to leverage its brands to increase revenues from B2C sales
anti-dumping duties announced by Thai Government and strong including increasing reach in rural markets. It further aims to enhance
customer relationship. During the year, TSTH collected more than a value for customers through services and solutions and value added
million tonnes of domestic scrap and also developed billet sources products.
from India, Russia, South America and other regions.
Innovation: The focus area for research is to develop new and
F. STRATEGY differentiated products and services for customer segments,
reduce carbon footprint, optimally use inferior raw materials, utilize
While Financial Year 2015-16 saw a contraction in global steel demand, solid waste and move towards a system of Zero Water Discharge.
steel demand grew by 1% in the Financial Year 2016-17 largely driven The Company conducts research programmes through strategic
by strong growth in India and South-East Asia. Despite a recovery collaboration with academic institutions in India and overseas. It has
in steel prices on the back of better than expected Chinese steel made a breakthrough in low cost graphene production and graphene
demand, concerns regarding excess capacity and uncertainty in based coating solutions for steel. Going ahead it is investing in scaling
Chinese steel demand over the medium-term persist and contribute these solutions and developing other applications.
towards increased volatility in prices.
Operational excellence: It is the Companys endeavor to establish
The Company continues to pursue its vision to become the global best-in-class facilities and it constantly invests to upgrade its
benchmark in value creation and corporate citizenship in the manufacturing and distribution facilities in order to improve
steel industry and aims to develop long-term partnerships with performance and cost competitiveness. The focus areas are achieving
customers in the chosen markets. It endeavours to make the most superior steel properties, higher efficiency in iron ore & coal
of the growing demand for steel by investing in new facilities. beneficiation, lower carbon rate in iron-making, optimized product
Expansion plans for both Kalinganagar and Jamshedpur sites mix, reducing waste generation, energy efficient processes and higher
are in development. Along with volume growth, the Company is material utilisation.
committed to move towards more value added products and offer
services and solutions to further enhance revenues and reduce the Responsible behaviour: The Company acts responsibly towards the
linkage of revenues to volatile steel prices. environment, focusing on sustainable usage of raw materials, water
and energy conservation, waste utilization, emissions reduction
The Company has identified Digital as a driver to enhance customer and land reclamation. It explores and supports the development of
centricity, productivity and sustainable performance. A large number breakthrough technologies to deal with the challenge of carbon
of projects across the value chain have been identified where emissions. Reduction of CO2 emissions through energy conservation
value can be created via utilization of existing and emerging digital remains the prime corporate strategy to ensure business sustainability
technologies. The Company is working on leveraging its online while mitigating climate change. Jamshedpur Steel Works is the
presence to enhance customer experience via creation of platform National Benchmark in CO2 emission intensity and Specific Energy
to onboard stakeholders, facilitate peer reviews and ease access. Consumption within Steel Sector (Coal based Integrated Works,
Capabilities in data analytics are being built via its Analytics Centre BF-BO). The Company supports the communities it operates by
of Excellence. Jamshedpur has been LORAWAN (Low Power WAN) promoting sports & education, sustainable livelihood, health and
enabled allowing the Company to explore Internet of things (IOT). ethnicity. It also supports the economic, environmental and social
development of its communities through financial support, provision
In the medium-term, the Company expects the external environment of materials and the time and enthusiasm of its employees.
to remain challenging. In response, the Company is working towards
rationalizing its existing operations and designing new facilities People: The safety of the people who work on the Companys sites
to maximize productivity and improve cost competitiveness. It is number one priority. The Company is committed to the people
has set the following five priorities for the medium-term to help who are instrumental to its success. Committed to Zero is Companys
attain its vision and goals (a) Customer Focus, (b) Innovation, top priority, with the target of having Zero Lost Time Injuries (LTIs).
(c) Operational Excellence, (d) Responsible behaviour and (e) People. The Company has taken safety and health strategic initiatives on
capability building, leadership development, contractor safety,
Customer focus: The Company has plans in place to keep pace with process risk, rail & road safety and employee health. The Company
the growing needs of customers across sectors with a special focus fosters teamwork, nurtures talent, enhances leadership capability
on automotive and attractive segments in the construction sector and encourages employees to act with pace, pride and passion.
eg. Individual House Builder. New facilities planned will ensure There is an increased focus on encouraging diversity and inclusion in
that shift of demand to wider, lighter and high strength steel in the terms of gender and representation of the underprivileged sections
automotive sector is adequately met. The Company is also expanding of the community as well as people who are specially abled.

DIRECTORS REPORT
Subarnarekha Port Private Limited. Given the location of the

G. KEY DEVELOPMENTS
proposed port, the acquisition will enhance competitive position
of Indian operations and de-risk the in-bound and out-bound
1. India
supply-chain. This is a greenfield project and currently the
Kalinganagar Steel Plant Company is undertaking detailed feasibility studies.
During the year, the Company commenced commercial
Divestments
production at its Kalinganagar Steel Plant. The facility produces
flat steel for high-end applications enabling the Company TM Harbour Services Pvt. Ltd
to expand its product portfolio in the ship building, defence
On December 7, 2016, TM International Logistics Limited, a Tata Steel
equipment, energy & power, infrastructure and aviation sectors.
Group company divested its entire stake in its wholly-owned step
This plant will help the Company to consolidate its leadership
down subsidiary TM Harbour Services Pvt. Ltd. (TMHSPL) to Adani
position in the domestic automotive segment. Tata Steel
Ports and Special Economic Zone Limited for a total consideration
Kalinganagar (TSK) has achieved one of the fastest ramp-
of `106.27 crore. TMHSPL was engaged in the business of providing
up in a Greenfield project in India. Crude steel production
Tug services at Dhamra Port and owned 3 tug boats.
in Financial Year 2016-17 was 1.68MnTPA while, crude steel
capacity was ramped up to 88% with the Coke Plant & Hot
Issue of Debt Securities
Strip Mill reaching 100% capacity in Financial Year 2016-17.
The Coke Plant at Kalinganagar achieved 1.5 million tonnes On October 4, 2016, the Company allotted 8.15% 10,000 Unsecured,
of gross coke production and generated revenue worth Redeemable, Non-Convertible Debentures having a face value
`70 crore through the sale of coal tar during Financial Year of `10 lakh each for an amount aggregating to `1,000 crore on
2016-17. The facility dispatched first rake of HR coils on private placement basis to identified investors.
June 8, 2016 and first rake of Ferro-shots on September
12, 2016. During the year, the Sinter Plant at Kalinganagar Credit Ratings
achieved production of 2 million tonnes of net Sinter. The Blast
In October 2016, Brickworks revised the rating for Non-Convertible
Furnace achieved 2 million tonnes of hot metal production and
Debentures from BWR AA+/ Outlook Stable to BWR AA/ Outlook
started Top Recovery Turbine. It achieved lowest ever monthly
Negative as well as downgraded the ratings for Perpetual Hybrid
average coke rate in all coke operation of 532 kg/t of hot
Securities from BWR AA/ Outlook stable to BWR AA/ Outlook
metal. The Hot Strip Mill at Kalinganagar, achieved production
negative.
of 1.5 million tonnes of HR coil and crossed ABP target of
1.54 million tonnes in Financial Year 2016-17 by achieving As per the Ratings Agency, the change in ratings was due to the
production of 1.78 million tonnes. The capacity of the Plant can uncertainty consequent to the change in top management at the
be expanded further to meet the customer needs and make Tata Tata Group level which could in turn slow down vital decisions
Steel more profitable and sustainable in the future. such as cost cutting and deleveraging the Balance Sheet
concerning the unprofitable UK operations and restructuring of
Acquisitions the European business.
Brahmani River Pellets Limited In January 2017, CARE has revised the ratings for Non-Convertible
Debentures and long-term rupee loans from CARE AA+/ Outlook
In order to make the Kalinganagar Steel Plant more competitive,
stable to CARE AA/ Outlook stable and for Perpetual Hybrid
in December 2016, the Company executed a definitive agreement
Securities from CARE AA/ Outlook stable to AA- / Outlook stable.
to acquire 100% equity shares of Brahmani River Pellets Limited
This revision in rating was triggered due to uncertainties relating to the
(BRPL) for a value of `900 crore plus closing adjustments. BRPL
restructuring of the Companys UK business.
owns a 4MnTPA pellet plant in Jajpur, Odisha and 4.7MnTPA iron
ore beneficiation plant in Barbil, Odisha connected through a
2. Europe
220 km underground slurry pipeline. The above transaction is
currently pending regulatory approvals. British Steel Pension Scheme
On March 7, 2017, Tata Steel UK (TSUK), a wholly-owned indirect
Subarnarekha Port Private Limited
subsidiary of Tata Steel Limited and the principal sponsor of the
Logistics is a critical element in the supply-chain of an integrated British Steel Pension Scheme (BSPS) completed consultation with
steel facility. Considering the future logistics needs of the its employees with regard to the closure of the defined benefit
Indian Operations, in January 2017, the Company executed a section of the BSPS to future accruals with effect from April 1, 2017.
definitive agreement to acquire 51% equity stake in Creative This followed an agreement between TSUK and the trade unions
Port Development Private Limited for the development of in December 2016 in the same regard, where it was also agreed
Subarnarekha Port at Odisha through a wholly-owned subsidiary, that subject to the structural de-risking and de-linking of the BSPS

from the business, TSUK will continue the existing blast furnace TSUKs Speciality Steel Business
configuration of Port Talbot until 2021 and, based on achieving
As an overall restructuring strategy of the UK portfolio, TSUK
the necessary financial performance and cash flows as per the
(an indirect subsidiary of the Company) signed a Letter of Intent
transformation plan of the UK business, it will also continue its
on November 28, 2016 and a definitive sale agreement on
investment to enhance its competitive position in European steel
February 9, 2017 with Liberty House Group for sale of Speciality
industry. An employment pact was also offered until 2021.
Steel business for a total consideration of GBP 100 million. The
Subsequently, after prolonged and intense discussions and sale covers several South Yorkshire based assets including electric
negotiations with the BSPS Trustee(s), The Pensions Regulator arc steelworks and bar mill at Rotherham, the steel purifying
(TPR) and the Pension Protection Fund (PPF), the key facility in Stocksbridge, a mill in Brinsworth and service centres
commercial terms of a Regulated Apportionment Arrangement in Bolton and Wednesbury, UK and in Suzhou and Xian, China.
(RAA) were agreed in-principle between TSUK and the BSPS The sale was completed on May 2, 2017. Speciality Steel business
Trustee(s). These terms are in line with the published principles directly employed about 1,700 people making steel for aerospace,
of TPR and PPF. However, as of May 16, 2017, the RAA remains automotive and the oil and gas industries. With this, Tata Steel
subject to detailed documentation, formal approval by TPR, Europe crude steel capacity stands at 12.1 million tonnes.
non-objection from the PPF and the formal agreement of the
individual entities who would be party to the RAA. These parties 3. Canada
are in positive discussions and are hopeful of reaching final
Tata Steel Minerals Canada
agreement shortly. If an agreement is reached and the necessary
approvals are obtained, the RAA will become effective once Tata Steel Minerals Canada Ltd. (TSMC) is engaged in
agreed conditions are satisfied, including the payment by a development of iron ore deposits in Quebec and Newfoundland
member of the Tata Steel Group of an agreed settlement amount & Labrador in Canada. The investment is deployed towards setting
of GBP 550 million to the BSPS and the provision of a 33% equity up mining operations and multiple processing facilities including
stake in TSUK. the state-of-the-art beneficiation plant. The project has also
enabled the development of infrastructure facilities including
TSUK has also agreed in principle, that subsequent to the RAA, TSUK
rail, roads, telecommunications and port that has had significant
would sponsor a closed new pension scheme (the New Scheme).
positive impact in the socio-economic landscape in Quebec,
TSUK sponsorship of the New Scheme is conditional upon
Newfoundland and Labrador.
satisfaction of certain qualifying conditions. If those conditions
are satisfied, members of the BSPS would be offered an option to In October 2016, TSMC signed the definitive agreements with
transfer to the New Scheme. The New Scheme would have lower Government of Quebecs investment entities, Resource Quebec
future annual increases for pensioners and deferred members than and Investment Quebec respectively for providing C$175 million
the BSPS and therefore an improved funding position which would financial assistance in the form of equity and debt. With this
pose significantly less risk for TSUK. There is presently no certainty investment, the Government of Quebec holds 18% stake in TSMC
with regards to the eventual existence, size, terms or form of the and the balance is held between the Company (77.66%) and New
New Scheme and the funding position and membership of any Millennium (4.32%), a publicly owned Canadian mining company.
New Scheme would be dependent on a voluntary membership
On March 24, 2017, TSMC signed a multi-user-concept based
transfer exercise.
non-binding MOU between PPPs partners: Society of Plan
Nord (SPN) and other mining players, which will facilitate the
Divestments
connectivity of the existing material handling facilities at Point
Sale of Long Products Europe Business Noire to the new Multi User Deep Sea Terminal (MUD) and further
enable detailed assessment of improvements to the infrastructure,
TSUK signed an agreement on April 11, 2016, to sell its Long
cost-efficient Port operations, scalability in volume and asset
Products Europe Business to Greybull Capital LLP for a nominal
allocation among others. The Company has been awarded John
consideration. On May 31, 2016, TSUK completed the sale of Long
T Ryan Award for Safe Mining for two consecutive years 2015
Products Europe business, which will trade under the name of
and 2016 by the Canadian Institute of Mining, Metallurgy and
British Steel. The Long Products business in the UK includes the
Petroleum (CIM).
Scunthorpe steelworks, two mills in Teesside, an engineering
workshop in Workington, a design consultancy in York, 4. South-East Asia
associated distribution facilities as well as a rail mill in northern
Divestments
France. With this, Tata Steel Europe crude steel capacity stood at
12.9 million tonnes. Kalzip Guanzhou Limited
In March 2017, Kalzip Guanzhou Limited, a wholly-owned
subsidiary of the Company, divested its entire stake to Shanghai
Qinheng International Trace Co. Ltd. for a net consideration of Euro

DIRECTORS REPORT
5.2 million. Kalzip Guanzhou Limited was engaged in the business 1. Environment
of supplying aluminum roofs for construction projects in China.
Respecting and safeguarding the environment is a fundamental
principle held by all Tata Group companies. The Company has
H. SUSTAINABILITY
implemented environmental management systems that meet the
In the words of the Companys founder, J N Tata In a free enterprise requirements of international standard ISO14001 at all its leading
the community is not just another stakeholder in business, but is in manufacturing sites. These systems provide the Company with a
fact the very purpose of its existence. framework for managing compliance and achieving continuous
improvement. The Group-wide leadership in environmental
This belief has been embedded in the Companys vision and values
matters is provided by the Boards Safety, Health and Environment
as it continues to strike a balance between value creation and
Committee and its overall performance is subject to on-going and
being a leader in corporate citizenship. Sustainability is at the very
detailed scrutiny of the Board of Directors.
heart of what the Company does. As one of the worlds leading
steel producers, the Company is dedicated to both managing The Companys first priority is to be fully compliant with conditions
its operations responsibly and striving towards continuous for environmental permits and with other legal requirements that
improvement. The Company is committed to designing more are applicable within the jurisdictions in which it operates. The
sustainable products which are lighter, long lasting and require Companys efforts are channelized towards adopting sustainable
fewer resources to be produced. The Companys steel goes into practices and ensuring continuous improvement in environmental
the worlds most sustainable buildings and transport infrastructure performance. It continues to focus on operational excellence
and supports the performance of the most efficient vehicles in the aimed at resource efficiency through Recovery, Reuse and Recycle
market. Above all, the Company operates in a way that is safe for approach to minimize the ecological footprint.
all employees and respectful to the environment. The Companys
In India, during the previous financial year, the Company adopted
endeavour is to act with utmost responsibility and care towards the
the maiden Biodiversity Policy and revised the Energy Policy to
communities surrounding it which are impacted by its operations.
include therein Renewable & Non-Conventional Energy. The
The Companys sustainability approach as articulated in the Company is member of World Steel Association Environment
Sustainability Policy reinforces the triple bottom-line approach Policy Committee, Central Pollution Control Boards National
in its systems and processes. The Company has also established Taskforce, Indian Steel Association and various other organizations
various platforms for engaging with its stakeholders to and it continues to pursue advocacy on policy and regulatory
recognize their concerns and opinions that are then prioritized issues through these forums. During the year, the Company
and embedded in its business objectives and strategies. The actively participated in the Taskforce of Climate related Financial
Company is actively associated with various industry bodies like Disclosure (TCFD) formed by the Financial Stability Board aiming
Confederation of Indian Industry (CII), Global Reporting Initiative to make markets more efficient and economies more stable and
(GRI), International Integrated Reporting Council (IIRC) and the resilient through increased disclosure and transparency. The
Taskforce on Climate-related Financial Disclosures (TCFD) of the Company is engaging with International Union for Conservation
Financial Stability Board in order to mainstream the best practices of Nature (IUCN), the worlds largest global environmental
on sustainability in different functions and processes across the network, to implement biodiversity conservation plans at its
organization. mining locations. The Company has completed a pilot program on
natural capital valuation as part of its capacity building program.
The Company has a dedicated Corporate Sustainability Group
It also has a dedicated Research & Development team to work on
that tracks the global best practices related to sustainability and
Life Cycle Assessment. The Company has commenced valuation
facilitates its incorporation in the key processes of the Company.
of carbon emissions with the introduction of shadow price at
The Group also drives various external assessments and makes
US$ 15/tCO2e which will enable it to consider the environmental
comprehensive disclosures on sustainability to stakeholders. In
aspects of projects before it decides to pursue them. This is being
December 2016, the Jamshedpur Works underwent the GreenCo
used for appraisal of all capital expenditure proposals including
assessment conducted by CII-Green Business Council and was
growth plans.
awarded with Platinum rating (the highest rating on the GreenCo
rating scale) thus making it the first and only Integrated Steel Plant In Europe, the Company is a leading member of ULCOS (Ultra-Low
to be awarded the Platinum rating. Globally, the Company has been CO2 Steel-making) a pioneering partnership of 48 companies and
adjudged as the Industry Leader by the Dow Jones Sustainability organizations from 15 European countries that recently completed
Index (the most trusted and widely accepted rating by investors the first phase of a co-operative research initiative to achieve a
globally) for the year 2016. step change in CO2 emissions from steel-making. The ultimate and
ambitious aim of the ULCOS project, which began in 2004 and
Aligned with the UN Global Sustainable Development Goals, the
which is supported by the European Commission, is to reduce CO2
Company is now taking on the challenge of further reducing its
emissions per tonnes of steel produced by at least 50% by 2050.
carbon and water footprints and enhancing the impact of its CSR
activities in the Companys areas of presence.

2. Climate Change members were trained. This programme has been utilized in all
regions and was recognized as H&S excellence by World Steel
Climate change is one of the most pressing issues the world faces
Association in October 2016. Leadership engagement at the shop
today. Climate change is a global phenomenon which requires
floor has improved by way of safety line walks with Find It Own
global measures in the long-term to effectively deal with this real
It - Fix It approach.
threat to sustainable human life. Tata Steel aims to play a leadership
role in addressing challenges of climate change. Climate change Alongside leadership, the Companys strategic priorities include
is the defining issue of the early 21st Century and the Company contractor management, process safety management, industrial
recognizes that it has an obligation to minimize its own contribution hygiene and road & rail safety management. Five high-hazard
to climate change. However, the Company also understands that departments have started the Process Safety Centre of Excellence
steel products will be an integral part of the solution to climate in collaboration with the TSE team. Similarly, two departments have
change and that local, short-term action will not necessarily help to started quantitative and qualitative study on Industrial Hygiene
tackle this global, long-term issue. Considering all these factors, the with cross learning from TSE.
Company has formulated a climate change strategy based on 5 key
NSH also achieved a 22% decline in LTIFR as compared to previous
themes as listed below:
year while TSTH finished the year with zero loss time injury to
any employee or contract workmen. Deploying long-term safety
Emissions Reduction: The Company will continue to improve its
improvement plan, regular sharing of best practices and learning
current processes to increase its energy efficiency and to reduce its
from incidents from other companies in the Tata Group has
carbon footprint. The Company targets to reduce its carbon dioxide
strengthened the occupational safety, health and environment
emissions per tonnes of liquid steel by at least 20% compared to 1990
process in both TSTH and NSH.
levels.
4. Research and Development
Investing in Technology: The Company will continue to invest in
long-term breakthrough technologies through initiatives such as The Company has best-in-class research facilities to develop and
ULCOS. deliver high quality value added products for its customers and
significant process improvements for its business units. During the
Market Opportunities: The Company endeavors to develop such year, the Company undertook several initiatives in India to help the
new products and services that reduces the environmental impact business units achieve their goals and some of these initiatives have
over its products life-cycles and helps its customers to reduce their been successfully executed at the plant level. JK DM Cyclone is one
carbon footprints. such initiative which has been operational since November 2016
in stream No. 1 of washery#3 at West Bokaro. The JK DM Cyclone
Employee Engagement: The Company will actively engage its process helps in better separation of clean coal from middlings.
workforce and encourage everyone to contribute to its strategy. This process is expected to reap an annual benefit of approximately
`10 crore in one washery on complete implementation and is now
Lead by Example: The Company will further develop its considered to be a global benchmark. Another such initiative is
pro-active role in global steel sector initiatives through the World the setting up of the Nano Membrane UHLA Desalination pilot
Steel Association. plant in Haldia for removal of chloride by tailor made ion through
selectively charged Nano filtration membrane. This initiative, being
3. Health and Safety a first of its kind, has helped to reduce the operational cost by at
least 50%. The Company has undertaken many other research
Health and safety remains the Companys top most priority and
initiatives during the year which are expected to provide fruitful
the Company aspires to be the industry benchmark in safety. The
solutions in the future.
Company has made some significant achievements through the
Committed to Zero programme. The Companys strategic efforts In Europe, the Company is continuously engaged in various
are directed towards ensuring committed leadership, engaged research and technology initiatives. To illustrate, the Company
employees and effective systems in order to minimize risk. At the invests in short to medium term energy efficiency improvements
Group level, the Company has achieved 39% decline in Lost Time aimed at reduction in CO2 emission through HIsarna project i.e. a
Injury Frequency Rate (LTIFR) from 2010. collaborative project amongst the major steelmakers in Europe
to develop a more flexible new smelting reduction technology to
The Company also continues to focus on its competency
produce steel from lower grade raw materials without the need for
development programs in health and safety leadership. In
coke making or agglomeration processes.
collaboration with Ashome Hill, UK, safety and health excellence
programmes were conducted for leaders across levels of the In Singapore, the Company is focusing on solution driven value
Company and Members of the Union from all locations of propositions and piloting Building Information Modeling (BIM) as
Tata Steel India. A total of 3,200 Officers and 505 union committee well as Developing Mobile Apps for select customers for complete

DIRECTORS REPORT
visibility of the projects across the value chain leading to increased In Europe, the Company launched 20 new products in the year.
productivity & efficiency. R&D activities are mostly focusing These launches include major developments for the automotive,
on developing advanced wire materials for construction and construction, engineering and packaging markets. Prominent
automotive applications. The Company is building a new Research examples of product launches include XPF800 and Trimawall.
and Development Centre at wire factory in Thailand which will focus XPF800 is its new range of breakthrough steels aimed at helping
on development of new wire and related products for the group. car makers reduce the weight of undercarriages and increase fuel
efficiency. Trimawall caters to the construction segment, offering
The Company is also exploring ways to make Graphene based
a foam insulated wall sandwich panel with a completely flat outer
value-add products, with a focus on development of high value
surface, providing customers with an architecturally state-of-the-
niche market segments for coated products.
art flat panel. In the last five years, Tata Steel Europe has introduced
Further, during the year, the Companys process technology over 160 new products. The share of differentiated products in
program focused on creating robust and stable manufacturing Financial Year 2016-17 increased by 3% as compared to previous
processes, making better use of raw materials and finding solutions year and reached 37% of prime sales. These differentiated products
to quality issues and thereby also supporting its differentiated give customers enhanced capabilities for specific applications and
product strategy. are manufactured by only a few steel producers.
In Singapore, the Companys operations got certification for Malaysia
5. New Product Development
Authorities New Standard for bars requiring 5m cycle of fatigue
The Company recognizes that to become a long-term partner tests for export of bars to Malaysia and also rolled out grade 600
to its customers, it must develop an in-depth understanding bars, Steel Carpet and Fan Mesh to multiple projects in Singapore
of their needs. Above and beyond meeting certification and construction sector. The wire units in Thailand (Siam Industrial wires
legislative requirements, customers are also seeking to improve and TSN wires) launched zinc aluminium for fishery tools & poultry
the sustainability performance of their operations and products. cages, low carbon automotive wires, barbed wires, sprig wires and
There is a growing emphasis on being able to rely on a responsible galvanised PC strand for rock engineering in local Thai markets as
supplier. well as international markets. In continuation of its efforts towards
branding its products, SENTEC brand was launched for galvanised
The Company is responding to customer needs by including
wires.
sustainability principles in its new product development process,
focusing on lowering greenhouse gas emissions over the full life
6. Customer Relationship
cycle of steel products, reducing water consumption, avoiding
the use of hazardous and potentially toxic chemicals, optimising The Company endeavors to build sustainable long-term value-
resource efficiency and reducing waste in production, improving creating partnerships with its customers and channel partners
the circularity of products, ensuring responsible supply and through a wide range of product offerings, innovative services and
increasing the social value of products and optimising total cost unique solutions.
of ownership.
In India, the Companys customers are segmented into three
During the year, in India the Companys efforts in the area of categories i.e. B2B, B2C and B2ECA (Emerging Corporate
new product development has been directed towards increasing Accounts). These categories are then micro-segmented based
customer satisfaction and having products with differentiated on applications and buying behavior. The Companys focus is
quality. About 37 new products were developed in the Flat Products to understand the expectations and requirements of current
area, the major ones being in the hot rolled category. The most and potential customers/market segments, to deliver customer-
noteworthy amongst these is the DP600 low Si, which is expected specific products & services and to provide collaborative value-
to reduce scale issues and thereby increase customer satisfaction. creating solutions.
The HS800 in 5 mm section has been specifically developed for
The Company engages with B2B customers through cross-functional
commercial vehicles in the automotive segment and is in the final
customer service teams to generate value-creating ideas, develop
stage of trials. The IF390 in cold rolled category is another significant
new products and focus on quality improvements thereby helping
example of a new product of a high strength grade developed for
to achieve operational excellence. By leveraging its investments
automotive customers. The focus at the Companys Kalinganagar
in Research & Development facilities, the Company has deepened
facility has been to develop and increase the sales of value added
its engagement with key automotive customers to provide cost
products by leveraging the plants superior capabilities. In the Long
and weight reduction solutions and advanced product application
products area, it has been making concerted efforts to increase
support. This has enabled the Company to partner with its customers
productivity. During the year, it has developed high strength SAW
for their future product launches. The Company has also enhanced
Wire Rods, Low Manganese High carbon Wire Rods and Couplers
its engagement with Emerging Corporate Accounts by facilitating
for Construction segment. In India, the Company launched 31 new
direct interactions with Subject Matter Experts (SMEs) through
products during the year.
programs such as ECafez Webinars and Skills4 India.

The Companys B2C brands have embraced digital solutions During the year, the Company entered the B2C wire markets in
to substantially enhance the consumer buying experience. Thailand and Indonesia with the appointment of distributors and
Tata Tiscon has built an online e-sales platform to reach out to retailers to serve the wire customers at the retail level. In Vietnam,
around 2.5 lakh consumers. To overcome the cash crunch post Retail Value Management remains the key focus in Independent
demonetization in November 2016, the Companys B2C brands House Builders (IHB) segment.
have installed over 1,500 Point-of-Sales (POS) machines across its
In Thailand, customer relationship was strengthened further through
dealer network. To reach out to the rural consumers at the last mile,
dedicated Customer Service Teams. The Company also engaged
intensive mobile marketing campaigns were conducted under
with Engineering Institute of Thailand and leading Universities in
the program of Ek Kadam Parivartan ki Ore where the consumers
the country for research and promotion of specialized Rebars.
were educated about the benefits of Tata Shaktee vis-a-vis other
roofing solutions prevalent in the region. The Group Rural Action
7. Human Resources Management & Industrial Relations
Mission (GRAM) focuses on harnessing synergies with other
group companies for creating rural consumers awareness and lead From its foundation over a century ago, Tata Steel Groups employment
generation programs. philosophy and practices have been based on the recognition that its
people are the primary source of its competitiveness.
Knowledge-sharing platforms such as Driving Steel, Wired 2
Win, Steelopedia are organized to provide insights on current The Group consistently abides by human resources policy that
and future industry trends and promotes new services & solution is found on a set of following principles: equality of opportunity,
offerings. The senior leadership team frequently interacts with continuing personal development, fairness, mutual trust and
strategic and key customers in customer meets, seminars, during teamwork. These principles are, in turn, underpinned by the five
plant visits undertaken by the customers and celebration events to Tata Group core Values of Pioneering, Integrity, Excellence, Unity
commemorate the milestones achieved. and Responsibility. The Company also believes as a matter of
principle that, diversity within its workforce greatly enhances
In Europe, the Company aims to develop long-term partnerships
its overall capabilities. The Company is an equal opportunity
with customers by unlocking the potential of steel. The Company is
employer and it does not discriminate on the basis of race, caste,
focused on strengthening customer relationships by continuously
religion, colour, ancestry, gender, marital status, sexual orientation,
introducing new, innovative and high quality steel products, jointly
age, nationality, ethnic origin or disability. All decisions relating
developing smart solutions for products and services to unlock
to promotion, compensation and any other forms of reward and
customer value and creating new partnerships to optimize the
recognition are based entirely on performance and merits.
supply chain. A number of new digital services have been launched
to make it easier for customers to do business including eShop and The Companys ambition is to be a modern employer offering
Electronic Data Interchange (EDI) connections. employees long-term prospects for a meaningful professional career.
This is why the Companys collective labour agreement focuses on
To increase customer focus, the Company is convinced that
four aspects: health & vitality, career development & skills, employee
advancing strategy of customer intimacy, building strong
productivity and employment conditions.
partnerships with satisfied loyal customers will be as important
as any other factor to shape a successful, sustainable future for During the year, the Company focused on improvement in areas
the business. To do so, insights gained from the Tata Business related to diversity & inclusion and training & development. Many
Excellence Model assessment, an Employee Survey and a initiatives were undertaken to bring about a change in the mind-
Customer Satisfaction Survey were taken and integrated into a set of the workforce regarding these aspects.
consistent, cross-functional approach across Europe. The Journey
In India, the Companys efforts to improve gender diversity
to Commercial Excellence programme is central to the ambition to
included Women of Mettle, an engagement and scholarship
develop a culture that is customer focused and performance driven.
program for recruiting women talent from technical schools,
To develop a service based decisive competitive advantage, the
revision of maternity benefits, work from home option, extension
Company is focusing on increasing its delivery performance to the
of additional privilege leave to non-officer lady employees and
market. This business change is being supported by transformation
many other measures taken to retain and attract its women
of IT under the Supply Chain Transformation programme. The first
employees and cater to their needs for adequate balance between
phase of this initiative went live in September 2016. Tata Steel UK
work and personal duties. Under the Companys Affirmative
is pursuing a transformation programme Delivering Our future to
Action programs, it introduced the Tata Steel scholarship program
increase customer value and reduce operating costs.
under which it gave pre-placement offers to 17 Affirmative Action
In Singapore, the Companys Reinforcing Knowledge Cluster team candidates who hold under-graduate degree in engineering.
is working very closely with customers and project managers for
The Companys focus on learning & development underwent
driving solutions and services. The Company continues to strengthen
a shift in pedagogy this year. The Company introduced various
its relationship through various projects in Singapore as well as with
e-learning courses on managerial and functional competencies
international customers through Customer Value Management.

DIRECTORS REPORT
through the Skillsoft learning platform. It also rolled out other in Tata Group facilitated horizontal deployment. Coaching and
initiatives such as Lunch & Learn, NPTEL technical skill modules, mentoring ability of the leadership team was also enhanced.
modules on Internet of Things/Big Data, etc. In continuation with
The Company continues to be very constructively engaged with
the previous years, 17 new academies were rolled out during the
the Unions in all geographies where it operates including the Tata
year to institutionalize the academy approach of learning and
Workers Union in Jamshedpur, the European Works Council for the
development. During the year, the Company also commenced a
TSE and all other unions in different parts of the world. Employees
program called Felt Leadership Training, wherein senior leaders as
and unions are very important stakeholders for the Company and
trainers share with the workforce their learning and experiences on
the Management team is in continuous engagement through the
matters pertaining to health and safety.
year to ensure seamless and transparent communication on all
The Company is concentrating its efforts on leveraging important issues that relates to the employees and the future of
digitalization to enhance Productivity, Predictability, Capability, the Company.
Stakeholder Experience and Safety in its business through constant
discussions with the members of the Unions. 8. Corporate Social Responsibility
The Companys achievements in Human Resource Management The Companys vision is to be a global benchmark in value
were recognized through several accolades. Business Today has, creation and corporate citizenship. The objective of the Companys
for the 2nd time in a row, declared the Company as the Best Place Corporate Social Responsibility (CSR) initiatives is to improve the
to Work in the Core Sector. The Company has also been certified quality of life of communities through long-term value creation for
as a Great Place to Work as per the Great Place to Work study all stakeholders. This objective is in alignment with the Tata Group
conducted for the year 2017. The Company bagged the BML Munjal core purpose.
Award for Business Excellence through Learning & Development
For decades, the Company has pioneered various CSR initiatives.
under Sustained Excellence Category and was also adjudged
The Company continues to remain focused on improving the
Best Training Establishment of India by CII in 28th National Works
quality of life and engaging communities through health,
Skill Competition held in Bangalore. During the year, Capability
education, sports and infrastructure development. During the
Development group also secured the certification of ISO 9001:2015
year, it spent `194 crore on CSR activities. The Annual Report on
Quality Management System standard.
CSR activities, in terms of Section 135 of the Companies Act, 2013,
TSE promotes a healthy work environment and lifestyle is annexed to this report (Annexure 3).
through various initiatives such as central and local fitness
The Company has always had a very visible presence in its
programmes, training to prevent and deal with stress and
communities. In Europe, the Company is committed to working
local labour conditions improvement initiatives. The career
with local communities to support their social and economic well-
development and skills initiative is focused in stimulating
being. The Company puts future generations at the centre of its
long-term employability and creating a flexible workforce
local community strategy, which has three anchors: education &
through career counselling, pension advice and Matching
learning, health & well-being and environment & sustainability. The
bureau to identify options for part-time working. TSE also
Company has formed education and learning partnerships with local
emphasises on employment conditions and industrial relations
organisations. The Company works with them and aims to increase
by focusing on creating modern employment conditions
the social skills and confidence of young people, boost pupils level of
that ensure healthy long-term employability. This is achieved
understanding about the steel industry and improve understanding
through flexible working hours at the Hot Strip Mill and
& ambition of students particularly girls in STEM (Science,
reviewing overtime arrangements.
Technology, Engineering and Math) subjects. The Company also runs,
The Tata Steel Academy in Europe focuses on strengthening the its own vocational school in IJmuiden. Every year, about 100 students
organisations competitive advantage by enabling its people start their education in mechanics, electro or process technology.
to achieve the highest standards of technical and professional
The Company has partnerships with organizations such as Age
expertise. The Academy uses an approach known as blended
Cymru and Young Careers Network whose work helps to combat
learning a mix of practical, computer-based and classroom
some of the issues such as lack of access to good health, protection
training. The majority of training remains on the job, but is
from crime and clean & safe environment. The Company also
structured through the creation of 12 distinct faculties focused
helps fund Port Talbot Womens Aid in their on-going work with
on leadership, health & safety, sales & marketing, manufacturing,
children affected by domestic violence. The Company has had a
engineering, technical, supply chain, finance, HR, IT, procurement
long-standing partnership with the Triathlon Trust in the UK and
and total quality management.
hosted free-to-access junior triathlons for 8-14 year olds across the
The Companys South-East Asian entities focused initiatives country. It also is a partner in the Steel Valley Project which aims
towards enhancing technical knowledge in the areas of steel to help people understand and care for their local environment to
making, rolling and maintenance with the support of external create healthy and sustainable communities.
experts. Regular best practices sharing with other companies

In Singapore, the Company organizes monthly outings with its undertaken following due governance processes and under the
beneficiaries, namely, The Society for the Physically Disabled, supervision and oversight of the Board. The acquisition of Corus was
Fernvale Gardens School catering to children with intellectual based on the long-term strategy of the Company to pursue growth
disability. The Company has also partnered with the initiative Food through international expansion and enhance the portfolio of value-
from the Heart, a non-profit voluntary group which distributes added products. The Board discussed the acquisition proposal and
food to those in need. financing requirements at various meetings held between October
12, 2006 and April 17, 2007 and approved the same without dissent
In Thailand, initiatives in the area of education such as Grow Smart
from any Member of the Board. Being a responsible listed company,
with Tata Steel reached 248 schools in 52 provinces. As a responsible
necessary disclosures were made in this regard to the Regulators.
citizen, the Company along with its employees also supported the
Government relief initiatives post the floods in Southern Thailand. The performance of Corus in the two years post acquisition
validated the Companys growth strategy. The black swan event
I. CORPORATE GOVERNANCE in the form of the global financial crisis structurally impacted
the underlying demand across many geographies and had a
The Company constantly endeavours to follow the corporate
significant impact across the global steel industry and more
governance guidelines and best practices sincerely and disclose
specifically to the European steel industry which witnessed
the same transparently. The Board is conscious of its inherent
30% structural reduction in demand. In response to the above
responsibility to disclose timely and accurate information regarding
challenges, the Management of the Company has undertaken
the Companys operations, performance, material corporate events
several strategic and operational interventions to ensure
as well as on the leadership and governance matters relating to the
the future sustenance of the European business including
Company.
restructuring of the portfolio, investment in improving asset
During the second half of the year under review, the Company quality and reliability, manpower rightsizing to improve
faced challenges owing to leadership change at Tata Sons (the productivity, focusing on significantly enhancing the product
Promoter). Amidst the leadership transition, there were references portfolio and differentiate offering to the customers and new
to involvement of Tata Trusts and Tata Sons in the business and product development. The Board did undertake detailed review
operations of the Company. The Board likes to categorically state and based on such review supports the Management in all
that the Company upholds the highest standards of corporate its endeavours. The macroeconomic condition and its impact
governance, has very robust processes and has a duly constituted on the Companys European operations in general, on the UK
and independent Board of Directors (Board) that conducts itself operations in particular and the various interventions of the
independently keeping in line the best tradition of a Tata company. Board were disclosed each year in the Directors Report between
The Board, at all times exercises its independence both, in letter and Financial Years 2009 through 2016.
in spirit and the Directors fully understand their fiduciary duties. The
Certain questions were also raised on independence of
Directors have always acted in the best interest of the Company and
Mr. Jacobus Schraven, Mr. Andrew Robb and Ms. Mallika Srinivasan.
will continue to do so in the future. It is equally important to state that
The Board reviewed the issues raised, sought advice from eminent
the Company has a professional and competent leadership team for
jurists/legal counsels. Based on the review of documents
the management of the business. The Board guides, supports and
and the advice so received, the Board was fully satisfied of the
compliments the Management team towards achieving the set
independence of these directors. All three Directors are eminent
objectives to make the enterprise more sustainable and valuable in
personalities with extraordinary business acumen and exhibit
the future.
very high sense of integrity. The three Directors during their
During the course of the leadership transition in Tata Sons, tenure have added enormous value to the Board deliberations
clarifications were also sought by Regulators with respect to sharing and the Board has immensely benefitted from their knowledge,
of information with the Chairman Emeritus and the Board of Tata experience and insights.
Sons. The Board would like to state clearly that the Company has
The Board closely monitored the events that unfolded during
robust systems and processes in place to ensure compliance with
the leadership transition. The Audit Committee of the Board
applicable rules and regulations on sharing of information. The
(Committee) reviewed the aforementioned issues including
Board confirms that the Company has acted in accordance with the
the correspondence between the Regulators and the Company
applicable regulatory framework at all times. The Company ensures
including the queries raised on the representations made by
that confidential information is handled with due care and is shared
Mr. Cyrus P. Mistry and Mr. Nusli N. Wadia in terms of Section 169
on a need-to-know basis in furtherance of legitimate purpose of
of the Companies Act, 2013 and allegations made in this regard in
Companys business.
the proceedings before the National Company Law Tribunal initiated
Certain allegations were also made to investment decisions with against the Promoter. The Committee also reviewed the Companys
respect to acquisition of Corus Group Plc (Corus) in 2007 and its interventions, the processes implemented and followed with respect
subsequent performance. The Board wishes to place on record to various compliances and disclosures and the rigours applied
that the acquisition and subsequent financing arrangements were when such strategic investment decisions were taken. After due

DIRECTORS REPORT
deliberations with relevant stakeholders and review of relevant The Company held the EGM at 3:00 PM (IST) on December 21,
documents, the Committee expressed its confidence in the 2016. A total of 1,868 shareholders (including 5 authorised
Companys processes to ensure compliance with the provisions representatives of the Promoter and Promoter Group) were present
of SEBI Regulations. The Committee noted that appropriate in person and through proxies.
procedures were followed by the Company in preparing its
Resolution No. 1 in the notice convening the EGM relating to
financial statements and addressing the business risk issues and
removal of Mr. Cyrus P Mistry was dropped at the EGM since the
that there has been compliance with all legal requirements and
same was rendered infructuous upon the resignation submitted by
corporate governance standards. It follows therefore to conclude
Mr. Mistry on December 19, 2016.
that the Company at all points has followed the due corporate
governance process and the Board and Management of the The Meeting considered Resolution No. 2, relating to removal of
Company has conducted the business with due care and in the Mr. Nusli N. Wadia as a Director of the Company. Mr. Wadia was
best interest of the Company. not present at the meeting but had sent a communication to the
Company Secretary and had requested that the same be read
1. Extra-Ordinary General Meeting
out to the shareholders. The Company Secretary read the said
Upon the Requisition and Special Notice received from Tata Sons communication verbatim.
Limited, Companys Principal Shareholder, the Company convened
A total of 88 members spoke at length at the meeting. At the
an Extra-Ordinary General Meeting (EGM) on December 21, 2016.
end of the meeting, the Chairman of the Meeting, Mr. O P Bhatt,
The Requisitionist placed proposals for removal of Mr. Cyrus P.
Independent Director, responded to all the questions raised by the
Mistry and Mr. Nusli N. Wadia as Directors of the Company.
Members. The meeting concluded at 9:30 PM (IST).
The result of the shareholders vote is given below:

Total Votes polled Votes cast in favour Votes cast against
Category
No. of votes % No. of votes % No. of votes %
Promoters 29,59,17,367 97.18 29,59,17,367 100.00 - -
Institutions 31,99,25,078 75.02 26,38,77,467 82.48 5,60,47,611 17.52
Retail Shareholders 96,14,960 4.00 81,21,947 84.47 14,93,013 15.53
All Shareholders 62,54,57,405 64.40 56,79,16,781 90.80 5,75,40,624 9.20
Pursuant to the Listing Regulations, the Corporate Governance to participate constructively in deliberations and willingness to
Report and the Auditors Certificate regarding compliance of exercise authority in a collective manner. The Policy on appointment
conditions of Corporate Governance are annexed to this report & removal of Directors and determining Directors independence was
(Annexure 4). adopted by the Board on March 31, 2015 and was annexed to the
Board Report of Financial Year 2014-15. During the year, there have
2. Board Meetings been no changes to the Policy. Hence, the same is not annexed to this
Report, but is available on the website at www.tatasteel.com
For seamless scheduling of meetings, a calendar is prepared and
circulated in advance. The Board has also adopted an activity guidance
4. Familiarization Programme for Independent Directors
giving them visibility on the upcoming topics for discussions.
All new Independent Directors (IDs) inducted on the Board go
The Board met 11 times during the year, the details of which are
through a structured orientation programme. Presentations are
given in the Corporate Governance Report. The intervening gap
made by Executive Directors and Senior Management giving
between the meetings was within the period prescribed under the
an overview of our operations to familiarize the new IDs with
Companies Act, 2013 and the Listing Regulations.
the Companys business operations. The new IDs are given an
orientation on the Companys products, group structure and
3. Selection of New Directors and Board Membership Criteria
subsidiaries, Board constitution and procedures, matters reserved
The Nomination and Remuneration Committee (NRC) works with the for the Board, and the major risks and risk management strategy.
Board to determine the appropriate attributes, skills and experience
Details of orientation given to the existing IDs in areas of strategy,
for the Board as a whole and its individual members with the objective
operations & governance, safety, health and environment, industry
of having a Board with diverse backgrounds and experience in
& regulatory trends, competition and future outlook are provided
business, government, education and public service. Characteristics
in the Corporate Governance Report and is also available on the
expected of all Directors include independence, integrity, high
website at www.tatasteel.com
personal and professional ethics, sound business judgment, ability

5. Evaluation The Remuneration Policy for Directors, KMP and other Employees
was adopted by the Board on March 31, 2015 and was annexed
The Board evaluated the effectiveness of its functioning, that of the
to the Board Report of Financial Year 2014-15. During the year,
Committees and of individual Directors. The Board, through NRC,
there have been no changes to the Policy. Hence, the same is
sought the feedback of Directors on various parameters such as:
not annexed to this Report, but is available on our website at
Degree of fulfillment of key responsibilities towards stakeholders www.tatasteel.com
(by way of monitoring corporate governance practices,
participation in the long-term strategic planning, etc.); 7. Particulars of Employees
The structure, composition and role clarity of the Board
Disclosures pertaining to remuneration and other details as
and Committees;
required under Section 197(12) of the Companies Act, 2013, read
Extent of co-ordination and cohesiveness between the Board
with Rule 5(1) of the Companies (Appointment and Remuneration
and its Committees;
of Managerial Personnel) Rules, 2014 are annexed to this report.
Effectiveness of the deliberations and process management;
Board/Committee culture and dynamics; and In terms of the provisions of Section 197(12) of the Companies Act,
Quality of relationship between Board Members and 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment
the Management. and Remuneration of Managerial Personnel) Rules, 2014, a
statement showing the names and other particulars of employees
The Chairman of the Board had one-on-one meetings with the
drawing remuneration in excess of the limits set out in the said
IDs and the Chairman of NRC had one-on-one meetings with
Rules forms part of the report (Annexure 5).
the Executive and Non-Executive Directors. These meetings
were intended to obtain Directors inputs on effectiveness of the
8. Independent Directors Declaration
Board/Committee processes.
The Company has received the necessary declaration from each ID
The Board considered and discussed the inputs received from
in accordance with Section 149(7) of the Companies Act, 2013, that
the Directors. Also, the IDs at their meeting reviewed the
he/she meets the criteria of independence as laid out in Section
performance of the Board, Chairman of the Board and that of
149(6) of the Companies Act, 2013 and the Listing Regulations.
Non-Executive Directors.
The evaluation process endorsed the Board Members confidence 9. Directors
in the ethical standards of the Company, the resilience of the Board
The year under review saw major changes to the Board of Directors
and Management in navigating the Company during challenging
(Board), including that of the position of the Chair of the Board.
times, cohesiveness amongst the Board Members, constructive
relationship between the Board and the Management and the The Board, on November 25, 2016, appointed Mr. O. P. Bhatt
openness of the Management in sharing strategic information to as the Chairman of the Board in place of Mr. Cyrus P. Mistry.
enable Board Members to discharge their responsibilities. The Board appointed Mr. Bhatt as the Chairman keeping in mind
the principles of good corporate governance and to provide
In the coming year, the Board intends to enhance focus on diversity
impartial leadership to the Company in its preparation and
of the Board through the process of succession planning, strategic
conduct of the EGM. The Company convened and held the EGM
plan for portfolio restructuring of Tata Steel Europe and exploring
on December 21, 2016 upon the Requisition and Special Notice
new drivers of growth for the Group.
received from Tata Sons, Companys Principal Shareholder
(Requisitionist). The Requisitionist placed proposals for removal
6. Compensation Policy for the Board and Senior Management
of Mr. Cyrus P. Mistry and Mr. Nusli N. Wadia as Directors of the
Based on the recommendations of NRC, the Board has approved Company.
the Remuneration Policy for Directors, Key Managerial Personnel
The appointment of Mr. Bhatt as the Chairman was also to ensure
(KMP) and all other employees of the Company. As part of the
stability to the Company and in the larger interest of Companys
policy, the Company strives to ensure that:
stakeholders, including but not limited to employees, trading
the level and composition of remuneration is reasonable partners, financial stakeholders and local community around
and sufficient to attract, retain and motivate Directors of the Companys operations. Mr. Bhatt served as the Chairman of the
quality required to run the Company successfully; Board through December 22, 2016.
relationship between remuneration and performance is clear
The Board placed on record its deep appreciation towards
and meets appropriate performance benchmarks; and
Mr. Bhatt for his leadership during challenging times.
remuneration to Directors, KMP and Senior Management
involves a balance between fixed and incentive pay, reflecting
short, medium and long-term performance objectives
appropriate to the working of the Company and its goals.

DIRECTORS REPORT
Inductions to the Board Cessation

On the recommendations of the Nomination and Remuneration In accordance with the retirement policy applicable for the
Committee, the Board appointed: Companys Board of Directors (Independent Directors to retire
on attaining 75 years of age), Mr. Jacobus Schraven and
Mr. N. Chandrasekaran as Additional (Non-Executive) Director
Mr. Subodh Bhargava, Independent Directors, retired from the
of the Company effective January 13, 2017 and as the
Board on February 7, 2017 and March 29, 2017 respectively.
Chairman of the Board effective February 7, 2017.
Mr. Cyrus P. Mistry resigned as the Member of the Board
Mr. Chandrasekaran brings to the Board his extensive and
effective December 19, 2016. Mr. Nusli N. Wadia, in terms of a
outstanding experience in successfully leading and managing
shareholder vote ceased to be the Member of the Board effective
a large and valuable global corporation.
December 21, 2016.
On February 7, 2017, the Board appointed Dr. Peter (Petrus)
Blauwhoff as Additional (Independent) Director of the The Board of Directors place on record their deep appreciation for
Company. The appointment was effective immediately. the contribution of these Directors during their tenure.
Dr. Blauwhoff brings a wealth of experience to the Board
with his knowledge of the global manufacturing industry, 10. Key Managerial Personnel
technology focus in general and of the energy, oil and gas
Pursuant to Section 203 of the Companies Act, 2013, the Key
business in particular. Dr. Blauwhoff brings valuable insights
Managerial Personnel of the Company are Mr. T. V. Narendran,
and guidance in the areas of safety, health and environment.
Managing Director (India and South-East Asia), Mr. Koushik
On March 29, 2017, the Board appointed Mr. Aman Mehta
Chatterjee, Group Executive Director (Finance, Corporate &
as Additional (Independent) Director of the Company. The
Europe) and Mr. Parvatheesam K, Company Secretary. During the
appointment was effective immediately. Mr. Mehta brings a
year, there has been no change in the Key Managerial Personnel.
wealth of experience to the Board with his extensive experience
in the field of banking & finance and proven track record of
11. Audit Committee
successfully managing large multinational enterprises.
On March 29, 2017, the Board appointed Mr. Deepak The Audit Committee was constituted in the year 1986. The
Kapoor as Additional (Independent) Director of the Committee has adopted a Charter for its functioning. The primary
Company. The appointment was effective April 1, 2017. objective of the Committee is to monitor and provide effective
Mr. Kapoor brings to the Board his experience in successfully supervision of the Managements financial reporting process, to
steering the Indian arm of a Global Consulting and Advisory ensure accurate and timely disclosures, with the highest levels of
firm during very challenging times and strengthening transparency, integrity and quality of financial reporting.
the firms footprint in India. The Board will also draw on
The Committee met 7 times during the year, the details of which
his extensive global experience in the audit function as
are given in the Corporate Governance Report. As on date of
well as business advisory related work encompassing
this Report, the Committee comprises Mr. O. P. Bhatt (Chairman),
multiple industries.
Mr. Ishaat Hussain, Mr. Andrew Robb and Mr. Aman Mehta.
The resolution(s) for confirming the above appointments will
come before you at the ensuing Annual General Meeting (AGM) 12. Internal Control Systems
scheduled to be held on August 8, 2017. We seek your support
The Board of Directors of the Company is responsible for ensuring
and hope you will enthusiastically vote in confirming the above
that Internal Financial Controls have been laid down in the Company
appointments to the Board.
and that such controls are adequate and operating effectively. The
foundation of Internal Financial Controls (IFC) lies in the Tata
Re-appointments
Code of Conduct (TCoC), policies and procedures adopted by
As per the provisions of the Companies Act, 2013, the Management, corporate strategies, annual business planning
Mr. D. K. Mehrotra and Mr. Koushik Chatterjee will retire at the process, management reviews, management system certifications
ensuing AGM and being eligible, seek re-appointment. The and the risk management framework.
Board recommends and seeks your support in confirming
The Company has IFC framework, commensurate with the
re-appointment of Mr. D. K. Mehrotra and Mr. Koushik Chatterjee.
size, scale and complexity of its operations. The framework has
The profile and particulars of experience, attributes and skills that been designed to provide reasonable assurance with respect
qualify all of the above Directors for the Board membership is to recording and providing reliable financial and operational
disclosed in the Notice convening the AGM. information, complying with applicable laws, safeguarding assets
from unauthorized use, executing transactions with proper
authorization and ensuring compliance with corporate policies.
The controls, based on the prevailing business conditions and
processes have been tested during the year and no reportable

material weakness in the design or effectiveness was observed. The and Committee of Sponsoring Organizations of the Treadway
framework on IFC over Financial Reporting has been reviewed by Commission (COSO) with inputs drawn from the best practices of
the internal and external auditors. leading companies across industries.
The Company uses various IT platforms to keep the IFC framework The ERM is aimed at developing a Risk Intelligent Organization
robust and the Information Management Policy governs these IT that supports risk informed business decisions, strengthens
platforms. The systems, standard operating procedures and controls organizational risk resiliency and provides agility to the
are implemented by the executive leadership team and are reviewed organization for preserving as well as enhancing long term value
by the internal audit team whose findings and recommendations are for all stakeholders.
placed before the Audit Committee.
In order to achieve the stated ERM objectives, the Company has
The scope and authority of the Internal Audit function is defined in the constituted a robust governance structure comprising of three
Internal Audit Charter. To maintain its objectivity and independence, levels of risk management responsibilities as: Risk Oversight, Risk
the Internal Audit function reports to the Chairman of the Audit Infrastructure and Risk Ownership.
Committee. The Internal Audit team develops an annual audit
The Risk Oversight function consists of the Board, Risk
plan based on the risk profile of the business activities. The Internal
Management Committee (RMC) and Group Risk Review
Audit plan is approved by the Audit Committee, which also reviews
Committee (GRRC) that provide clear directions and
compliance to the plan.
guidelines for spearheading the ERM framework & policy
The Internal Audit team monitors and evaluates the efficacy and across the organization. The RMC of Board assists the Board
adequacy of internal control systems in the Company, its compliance in framing the Risk Management Plan for the Company and
with operating systems, accounting procedures and policies at all reviewing and guiding the risk policy. It also reviews key
locations of the Company and its subsidiaries. Based on the report of risks to the Tata Steel Group and actions deployed by the
internal audit function, process owners undertake corrective action(s) Management with respect to their identification, impact
in their respective area(s) and thereby strengthen the controls. assessment, mitigation and monitoring.
Significant audit observations and corrective action(s) thereon are GRRC is a Management Committee comprising Senior
presented to the Audit Committee. Management personnel as its members. The GRRC has the
primary responsibility of implementing the Risk Management
The Audit Committee reviews the reports submitted by the
Policy of the Company and achieving the stated objective of
Internal Auditors in each of its meeting. Also, the Audit Committee
developing a risk intelligent culture that helps improve the
at frequent intervals has independent sessions with the external
Companys performance.
auditor and the Management to discuss the adequacy and
The Company has laid down a strong foundation for a
effectiveness of IFC.
successful risk management process by setting up the risk
infrastructure in the form of a dedicated organizational unit
13. Risk Management
called ERM headed by Group Head Corporate Finance &
Risk is an essential part of business and taking risk is a fundamental Risk Management, who acts as the Chief Risk Officer (CRO)
driving force in business. In fact, it is the unique differentiator of the Company.
between companies who thrive and those who merely survive The ownership of risk tracking and mitigation rests with
or otherwise. This has never been more important than in todays the senior executives of various functional units who as
VUCA (Volatility, Uncertainty, Complexity and Ambiguity) world. the risk owners review and monitor key risks of the division
periodically in order to avoid any undue deviations or
There are several rapid, unprecedented and unpredictable
adverse events by designing and implementing suitable
changes taking place all the time. The size, scale and scope of
mitigation plans proactively. Regular and extensive reviews
these changes in todays world are enormous. Many of these are
at business units lead to robust implementation of mitigation
driven by changes in technology and have consequential impacts
plans which ultimately create value for the business.
on supply chain, manufacturing, assembling, logistics and costs.
The geo-political environment is extremely volatile and regulatory The robust governance structure has also helped in the
framework uncertain which in-turn is leading to changes in the integration of the ERM process with the Companys strategy &
supply-demand equation, commodity prices, market forces and planning processes where emerging risks are used as inputs in
competition. The aforementioned uncertainties warrant robust the strategy and planning process. Risk is also integrated with the
process and framework to minimize the threats and capture capital allocation process and risk assessments form important
opportunities to create sustainable value for the organization. considerations for key decisions on investment proposals for
organic and inorganic growth.
The Company follows a robust 5 step Enterprise Risk Management
(ERM) process to address the risks associated with its business. During the year, the Company has undertaken various focused
The ERM process framework has evolved and matured over the initiatives and process improvements aimed at strengthening,
years and is based on international standards such as ISO 31000 widening & deepening the scope and coverage of ERM across the

DIRECTORS REPORT
Company. The risk maturity assessment process has been rolled passion in driving the Management of Business Ethics. A workshop
out to the domestic and overseas subsidiaries and the process on Tata Values, Tata Code of Conduct and Governance process was
has been strengthened through a customized in-house built IT initiated with an objective of training employees.
solution to facilitate real time reporting of risks, provide visibility,
During the year, the Company also adopted the Conflict of Interest
drill-down and appropriate escalation mechanisms across the
Policy. The policy requires employees to act in the best interest of
Enterprise.
the Company without any conflicts and declare conflicts, if any
During the year, the Company undertook various external and (real, potential or perceived), to the Ethics Counsellor.
internal training programs/sessions along with communication
During the year, the Company received 382 whistle-blower
campaigns to promote awareness of the ERM process.
complaints of which 348 were investigated and appropriate
The Board is happy to report that the Company has been conferred action was taken. Investigations are underway for the remaining
the honour of the Best Risk Management Practice in the category complaints.
of Metals & Mining at the 3rd India Risk Management Awards
2017. This is indicative of the Companys commitment towards 15. Related Party Transactions
cultivating a robust and proactive risk intelligent culture.
There have been no materially significant related party transactions
between the Company and the Directors, the Management,
14. Vigil Mechanism
the subsidiaries or the relatives except for those disclosed in the
The Companys Vigil Mechanism provides a formal mechanism for financial statements.
all Directors, employees and business associates to approach the
Accordingly, particulars of contracts or arrangements with related
Ethics Counselor / Chairman of the Audit Committee and make
parties referred to in Section 188(1) along with the justification for
protective disclosures about the unethical behaviour, actual or
entering into such contracts or arrangements in Form AOC-2 does
suspected fraud or violation of the TCoC.
not form part of the Report.
The Vigil Mechanism comprises 3 policies viz., the Whistle
Blower Policy for Directors & Employees, Whistle Blower Policy for 16. Disclosure as per the Sexual Harassment of Women at
Business Associates and Whistle Blower Reward & Recognition Workplace (Prevention, Prohibition And Redressal) Act, 2013
Policy for Employees. The same is available on our website
The Company has zero tolerance towards sexual harassment at the
www.tatasteel.com
workplace and has adopted a policy on prevention, prohibition
The Whistle Blower Policy for Directors & employees is an extension and redressal of sexual harassment at workplace in line with the
of the TCoC that requires every Director or employee to promptly provisions of the Sexual Harassment of Women at Workplace
report to the Management any actual or possible violation of the (Prevention, Prohibition and Redressal) Act, 2013 and the
TCoC or any event wherein he or she becomes aware of that which Rules thereunder.
could affect the business or reputation of the Company.
During the year, the Company received 26 complaints of sexual
The Whistle Blower Policy for Business Associates provides harassment, out of which 19 complaints have been resolved
protection to vendors from any victimization or unfair trade by taking appropriate actions. The remaining 7 complaints are
practices by the Company. under investigation.
The Whistle Blower Reward and Recognition Policy for Employees
17. Directors Responsibility Statement
has been implemented in order to encourage employees to
genuinely blow the whistle on any misconduct or unethical Based on the framework of internal financial controls established
activity taking place in the Company. The disclosures reported are and maintained by the Company, work performed by the internal,
addressed in the manner and within the time frames prescribed in statutory, cost and secretarial auditors and external agencies including
the Whistle Blower Policy. audit of internal financial controls over financial reporting by the
statutory auditors and the reviews performed by the Management
During the year, a series of communication awareness on the Code
and the relevant Board Committees, including the Audit Committee,
of Conduct of the Company were sent to business associates
the Board is of the opinion that the Companys internal financial
and Neeti Katha i.e. storytelling through snippet series were
controls were adequate and effective during Financial Year 2016-17.
mailed to employees as part of the awareness campaign. Each
snippet consisted of a short story based on situations related with Accordingly, pursuant to Section 134(5) of the Companies Act,
accepting of gifts and hospitality from business associates. 2013, the Board of Directors, to the best of their knowledge and
ability confirm:
As a tribute to late Mr. J R D Tata, for over a decade, the Company
has been celebrating the month of July as Ethics Month. This a) that in the preparation of the annual accounts, the applicable
practice has helped in reinforcing employee involvement and accounting standards have been followed along with proper
explanation relating to material departures;

b) that we have selected such accounting policies and applied statements and related information of the Company and financial
them consistently and made judgments and estimates that are statements of each of the subsidiary will be available on our website
reasonable and prudent so as to give a true and fair view of the www.tatasteel.com. These documents will also be available for
state of affairs of the Company at the end of the financial year inspection during business hours at the Registered Office of the
and of the profit or loss of the Company for that period; Company.
c)
that proper and sufficient care has been taken for the The names of companies that have become or ceased to be
maintenance of adequate accounting records in accordance subsidiaries, joint ventures and associates are disclosed in the
with the provisions of the Companies Act, 2013 for annexure to this report (Annexure 7).
safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities; 20. Auditors
d) that the annual accounts have been prepared on a going Statutory Auditors
concern basis;
In terms of the provisions of the Companies Act, 2013 (Act),
e) that proper systems to ensure compliance with the provisions statutory auditors need to be rotated on completion of two
of all applicable laws were in place and that such systems consecutive terms of five years each. For those of the companies
were adequate and operating effectively; and that have firms audit their accounts for more than ten years as of
April 1, 2014, the Act provided such companies a transition period
f ) that proper internal financial controls were laid down and
of three years to comply with the provisions of the Act. The current
that such internal financial controls are adequate and were
statutory auditors, M/s Deloitte Haskins & Sells LLP (DHS LLP)
operating effectively.
completed two consecutive terms as of April 1, 2014 and hence the
Company availed the benefit of the transition period which came
18. Business Responsibility Report
to an end on March 31, 2017. Accordingly, the Company would
The Securities and Exchange Board of India (SEBI) requires need to appoint a new audit firm to audit its books of account for
companies to prepare and present to stakeholders a Business the year ending March 31, 2018 and onwards.
Responsibility Report (BRR) in the prescribed format. SEBI,
The Management under the guidance of the Audit Committee initiated
however, allows companies to follow an internationally recognized
the process of selection of auditors and had detailed interactions
framework to report on the environmental and social initiatives
with certain eligible audit firms and assessed them against a defined
undertaken by the Company. Further, SEBI has on February 6, 2017
eligibility and evaluation criteria. The assessment was undertaken by a
advised Companies that are required to prepare BRR to transition
Steering Committee constituted for this purpose.
towards an Integrated Report.
The Audit Committee of the Board considered the findings of the
As stated earlier in the Report, the Company has followed the
Steering Committee and has decided to appoint Price Waterhouse &
framework of the International Integrated Reporting Council to report
Co Chartered Accountants LLP (PW) as the statutory auditors of the
on all the six capitals that it uses to create long-term stakeholder value.
Company for a period of five years commencing from the conclusion
The Companys Integrated Report has been assessed and Bureau
of the ensuing 110th Annual General Meeting scheduled to be held
Veritas (India) Private Limited has provided the required assurance.
on August 8, 2017 through the conclusion of 115th Annual General
The Company has also provided the requisite mapping of principles
Meeting of the Company to be held in the year 2022.
between the Integrated Report, the Global Reporting Initiative (GRI)
and the Business Responsibility Report as prescribed by SEBI. The same The Board, at its meeting held on May 16, 2017, considered the
is available on the website www.tatasteel.com. recommendations/decision of the Audit Committee with respect
to the appointment of PW as the statutory auditor. Based on
19. Subsidiaries, Joint Ventures and Associates due consideration, the Board recommends for your approval the
appointment of PW as the statutory auditor of the Company.
The Company has 255 subsidiaries, 19 joint ventures and 22
associate companies as on March 31, 2017. During the year, the The Audit Committee and the Board of Directors considered the
Board of Directors reviewed the affairs of material subsidiaries. The following factors in recommending the appointment of PW as the
Company has, in accordance with Section 129(3) of the Companies statutory auditor of the Company:
Act, 2013 prepared consolidated financial statements of the
Experience of the firm in handling audits of large global
Company and all its subsidiaries, which form part of the Integrated
metal and mining corporations;
Report. Further, the report on the performance and financial
Competence of the leadership and the proposed audit
position of each of the subsidiary, associate and joint venture and
team of the firm in auditing the financial statements of the
salient features of the financial statements in the prescribed Form
Company;
AOC-1 is annexed to this report (Annexure 6).
Ability of the firm to seamlessly scale and understand the
In accordance with Section 136 of the Companies Act, 2013, the Companys operations, systems and processes; and
audited financial statements, including the consolidated financial

DIRECTORS REPORT
Geographical presence and ability of the firm in servicing the 21. Extract of the Annual Return
Company and its subsidiaries at multiple locations.
The details forming part of the extract of the Annual Return in Form
The Board seeks your support in approving the appointment of PW MGT 9 as per provisions of the Companies Act, 2013 and Rules
as the new statutory auditor of the Company. thereto are annexed to this report (Annexure 9).
DHS LLP, Chartered Accountants, are the auditors of the Company
22. Significant and Material orders passed by the Regulators
and will hold office until the conclusion of the ensuing AGM. On
or Courts
your behalf and on our own behalf we place on record our sincere
appreciation for the services rendered by DHS LLP during its long There have been no significant and material orders passed by the
association with the Company. regulators or courts or tribunals impacting the going concern status
and the Companys operations. However, Members attention is
Cost Auditors drawn to the statement on contingent liabilities, commitments in
the notes forming part of the Financial Statements.
As per Section 148 of the Companies Act, 2013 (Act), the Company
is required to have the audit of its cost records conducted by a Cost
23. Particulars of Loans, Guarantees or Investments
Accountant in practice. In this connection, the Board of Directors of
the Company has on the recommendation of the Audit Committee, Particulars of loans, guarantees given and investments made
approved the appointment of M/s Shome & Banerjee as the cost during the year in accordance with Section 186 of the Companies
auditors of the Company for the year ending March 31, 2018. Act, 2013 is annexed to this report (Annexure 10).
In accordance with the provisions of Section 148(3) of the Act read
24. Energy Conservation, Technology Absorption and
with Rule 14 of the Companies (Audit and Auditors) Rules, 2014,
Foreign Exchange Earnings and Outgo
the remuneration payable to the Cost Auditors as recommended
by the Audit Committee and approved by the Board has to be Details of the energy conservation, technology absorption and
ratified by the members of the Company. Accordingly, appropriate foreign exchange earnings and outgo are annexed to this report
resolution forms part of the Notice convening the AGM. The Board (Annexure 11).
seeks your support in approving the proposed remuneration of
`18 lakh plus out-of-pocket expenses payable to the Cost Auditors 25. Deposits
for the Financial Year ending March 31, 2018.
During the year, the Company has not accepted any public deposits
M/s Shome & Banerjee have vast experience in the field of cost under the Companies Act, 2013.
audit and have conducted the audit of the cost records of the
Company for the past several years under the provisions of the J. ACKNOWLEDGEMENTS
erstwhile Companies Act, 1956.
We thank our customers, vendors, dealers, investors, business
The due date for filing the Cost Audit Report of the Company for associates and bankers for their continued support during the
the Financial Year ended March 31, 2016 was September 30, 2016 year. We place on record our appreciation of the contribution
and the same was filed in XBRL mode by the Cost Auditor on made by employees at all levels. The Companys resilience to
September 2, 2016. meet challenges was made possible by their hard work, solidarity,
co-operation and support.
Secretarial Auditors
We thank the Government of India, the State Governments where
Section 204 of the Companies Act, 2013 inter-alia requires every we have operations and other government agencies for their
listed company to annex with its Boards report, a Secretarial Audit support and look forward to their continued support in the future.
Report given by a Company Secretary in practice, in the prescribed
form.
The Board appointed Parikh & Associates, practicing Company On behalf of the Board of Directors
Secretaries as Secretarial Auditor to conduct Secretarial Audit of
sd/-
the Company for the Financial Year 2016-17 and their report is
N. Chandrasekaran
annexed to this report (Annexure 8). There are no qualifications/ Mumbai Chairman
observations/reservations/adverse remarks in the said report. May 16, 2017 (DIN: 00121863)
The Board has also appointed Parikh & Associates as Secretarial
Auditor to conduct Secretarial Audit of the Company for Financial
Year 2017-18.

DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR MANAGEMENT PERSONNEL

WITH THE CODE OF CONDUCT
This is to confirm that the Company has adopted the Tata Code of Conduct for its employees including the Managing Director and the
Whole-time Directors. In addition, the Company has adopted the Tata Code of Conduct for the Non-Executive Directors. Both these Codes
are available on the Companys website at www.tatasteel.com
I confirm that the Company has in respect of the Financial Year ended March 31, 2017, received from the Senior Management Team of the
Company and the Members of the Board, a declaration of compliance with the Code of Conduct as applicable to them.
For the purpose of this declaration, Senior Management Team means the Members of the Management one level below the Managing
Director as on March 31, 2017
sd/-
T. V. Narendran
Managing Director
Mumbai (India and South East Asia)
May 16, 2017 (DIN: 03083605)

DIVIDEND DISTRIBUTION POLICY
ANNEXURE 1
Dividend Distribution Policy
1. PREAMBLE the Company, along with the rationale will be disclosed in

the Annual Report by the Board.
1.1
The Dividend Distribution Policy (hereinafter referred to
as the Policy) have been developed in accordance with 3.4 The Policy reflects the intent of the Company to reward its
the extant provisions of the Companies Act, 2013 and SEBI shareholders by sharing a portion of its profits after retaining
regulations. sufficient funds for growth of the Company. The Company
shall pursue this Policy, to pay, subject to the circumstances
1.2 The Board of Directors (the Board) of Tata Steel Limited
and factors enlisted hereon, progressive dividend, which
(the Company) has adopted the Policy of the Company
shall be consistent with the performance of the Company
as required in terms of Regulation 43A of the SEBI (Listing
over the years.
Obligations and Disclosure Requirements) Regulations,
2015 (the Listing Regulations) in its meeting held on
4.
PARAMETERS TO BE CONSIDERED WHILE
April 20, 2017.
DECLARING DIVIDENDS
1.3 Under Section 2(35) of the Companies Act, 2013, Dividend
includes any interim dividend. In common parlance, 4.1 Financial Parameters
dividend means the profit of a company, which is not
a. Magnitude of current years earnings of the Company:
retained in the business and is distributed among the
Since dividend is directly linked with the availability of
shareholders in proportion to the amount paid-up on the
earning over the long haul, the magnitude of earnings will
shares held by them. In case of listed companies, Section 24
significantly impact the dividend declaration decisions of the
of the Companies Act, 2013 confers on SEBI, the power of
Company.
administration of the provisions pertaining to non-payment
of dividend. b. Operating cash flow of the Company: If the Company
cannot generate adequate operating cash flow, it may need
2. EFFECTIVE DATE to rely on outside funding to meet its financial obligations
and sometimes to run the day-to-day operations. The Board
The Policy shall become effective from the date of its
will consider the same before its decision whether to declare
adoption by the Board i.e. April 20, 2017.
dividend or retain its profits.
3. PURPOSE, OBJECTIVES AND SCOPE c. Return on invested capital: The efficiency with which the
Company uses its capital.
3.1 The Securities and Exchange Board of India (SEBI) vide its
Gazette Notification dated July 08, 2016 has amended the d. Cost of borrowings : The Board will analyze the requirement
Listing Regulations by inserting Regulation 43A in order to of necessary funds considering the long term or short term
make it mandatory to have a Dividend Distribution Policy projects proposed to be undertaken by the Company and the
in place by the top five hundred listed companies based on viability of the raising funds from alternative sources viz-a-viz
their market capitalization calculated as on the 31st day of plough back its own funds.
March of every year.
e. Obligations to lenders: The Company should be able to
3.2 As the Company is one of the top five hundred companies repay its debt obligations without much difficulty over a
as on 31st March 2016, the Board has lay down a broad reasonable period of time. Considering the volume of such
framework for distribution of dividend to its shareholders obligations and time period of repayment, the decision of
and/ or retaining or plough back of its profits. The Policy dividend declaration shall be taken.
also sets out the circumstances and different factors for
f. Inadequacy of profits: If during any financial year, the Board
consideration by the Board at the time of taking such
determines that the profits of the Company are inadequate,
decisions of distribution or of retention of profits, in the
the Board may decide not to declare dividends for that
interest of providing transparency to the shareholders.
financial year.
3.3 Declaration of dividend on the basis of parameters in addition
g. Post dividend EPS : The post dividend EPS can have strong
to the elements of this Policy or resulting in amendment of
impact on the funds of the Company, thus, impacting
any element or the Policy will be regarded as deviation. Any
the overall operations on day-to-day basis and therefore,
such deviation on elements of this Policy in extraordinary
affects the profits and can impact the decision for dividend
circumstances, when deemed necessary in the interests of
declaration during a particular year.

4.2 Proposals for major capital expenditures 5.2 Internal Factors

The Board may also take into consideration the need for The Companys long term growth strategy which
replacement of capital assets, expansion and modernization requires to conserve cash in the Company to execute
or augmentation of capital asset including any major the growth plan.
sustenance, improvement and growth proposals. The liquidity position of the company including its
working capital requirements and debt servicing
4.3 Agreements with lending institutions/ Bondholders/ obligations
Debenture Trustees The trend of the performance/ reputation of the
Company that has been during the past years determine
The decision of dividend pay-out shall also be affected by the
the expectation of the shareholders.
restrictions and covenants contained in the agreements as
may be entered into with the lenders of the Company from
6. TARGET DIVIDEND
time to time.
6.1 The Company has adopted a progressive dividend policy,
4.4 Statutory requirements intending to maintain or grow the dividend each year.
The Company shall observe the relevant statutory requirements 6.2 The Company targets to pay dividend up to 50% of profit
including those with respect to mandatory transfer of a certain after tax of the Company subject to the applicable rules and
portion of profits to any specific reserve such as Debenture regulations.
Redemption Reserve, Capital Redemption Reserve etc. as
provided in the Companies Act, 2013, which may be applicable 7. CIRCUMSTANCES UNDER WHICH THE
to the Company at the time of taking decision with regard to SHAREHOLDERS CAN OR CANNOT EXPECT
dividend declaration or retention of profit. DIVIDEND
7.1 The Board shall consider the factors provided above under
5. FACTORS THAT MAY AFFECT DIVIDEND PAYOUT
Clause 4 and 5 above, before determination of any dividend
5.1 External Factors payout after analyzing the prospective opportunities
and threats, viability of the options of dividend payout or
Macroeconomic conditions: Considering the current retention, etc.
and future outlook of the economy of the Country,
7.2 The decision of dividend payout shall, majorly be based on
the policy decisions that may be formulated by the
the aforesaid factors considering the balanced interest of the
Government and other similar conditions prevailing
shareholders and the Company.
in the global market which may have a bearing on or
affect the business of the Company, the management
8. MANNER OF DIVIDEND PAYOUT
may consider retaining a larger part of the profits to
have sufficient reserves to meet the exigency during 8.1 The given below is a summary of the process of declaration
unforeseen circumstances. and payment of dividends, and is subject to applicable
regulations
Cost of raising funds from alternative sources: If
8.2 In case of final dividends:
the cost of raising funds to pursue its planned growth
and expansion plans is significantly higher, the a. Recommendation, if any, shall be done by the Board,
management may consider retaining a larger part of usually in the Board meeting that considers and
the profits to have sufficient funds to meet the capital approves the annual financial statements, subject to
expenditure plan. approval of the shareholders of the Company.
b. The dividend as recommended by the Board shall be
Taxation and other regulatory provisions: Dividend
approved/declared at the annual general meeting of
distribution tax or any tax deduction at source as
the Company.
required by applicable tax regulations in India, as may
be applicable at the time of declaration of dividend. c. The payment of dividends shall be made within 30
Any restrictions on payment of dividends by virtue of days from the date of declaration to the shareholders
any regulation as may be applicable to the Company at entitled to receive the dividend on the record date/
the time of declaration of dividend. book closure period as per the applicable law.

DIVIDEND DISTRIBUTION POLICY / MANAGEMENT DISCUSSION AND ANALYSIS
8.3 In case of interim dividend: 10.3 The dividends shall be paid out of the Companys distributable
profits and/or general reserves, and shall be allocated among
a. Interim dividend, if any, shall be declared by the Board.
shareholders on a pro-rata basis according to the number of
b.
Before declaring interim dividend, the Board shall each type and class of shares held.
consider the financial position of the Company that
10.4 Dividend when declared shall be first paid to the preference
allows the payment of such dividend.
shareholders of the Company, if any as per the terms and
c. The payment of dividends shall be made within 30 conditions of their issue.
days from the date of declaration to the shareholders
entitled to receive the dividend on the record date as 11. APPLICABILITY OF THE POLICY
per the applicable laws.
11.1 The Policy shall not apply to:
d. In case no final dividend is declared, interim dividend
Determination and declaring dividend on preference
paid during the year, if any, will be regarded as final
shares as the same will be as per the terms of issue
dividend in the annual general meeting.
approved by the shareholders;
Distribution of dividend in kind, i.e. by issue of fully or
9. POLICY AS TO HOW THE RETAINED EARNINGS
partly paid bonus shares or other securities, subject to
WILL BE UTILIZED.
applicable law
9.1 The Board may retain its earnings in order to make better Distribution of cash as an alternative to payment of
use of the available funds and increase the value of the dividend by way of buyback of equity shares
stakeholders in the long run.
12. REPORTING AND DISCLOSURE
9.2
The decision of utilization of the retained earnings of the
As prescribed by Regulation 43A of the Listing Regulation,
Company shall be based on the following factors:
this Policy shall be disclosed on the Companys website and
Long term strategic plans the Annual report.
Augmentation/ Increase in production capacity
Market expansion plan 13. REVIEW OF THE POLICY
Product expansion plan
13.1 This Policy shall be subject to review as may be deemed
Modernization plan
necessary as per any regulatory amendments.
Diversification of business
Replacement of capital assets 13.2 Such amended Policy shall be periodically placed before the
Balancing the Capital Structure by de-leveraging the Board for adoption immediately after such changes.
company
Other such criteria as the Board may deem fit from time 14. COMPLIANCE RESPONSIBILITY
to time.
Compliance of this Policy shall be the responsibility of the
Company Secretary of the Company who shall have the
10. PROVISIONS IN REGARD TO VARIOUS CLASSES
power to ask for any information or clarifications from the
OF SHARES
management in this regard.
10.1 The Company has only one class of equity shareholders and
does not have any issued preference share capital. However,
in case Company issue different class of equity shares any
point in time, the factors and parameters for declaration of
dividend to different class of shares of the Company shall be
same as covered above.
10.2 The payment of dividend shall be based on the respective
rights attached to each class of shares as per their terms of
issue.

ANNEXURE 2
Management Discussion and Analysis
A. OVERVIEW The saleable steel production and sales trend over the years is as
follows:
The following operating and financial review is intended to convey
the Managements perspective on the financial and operating Production and sales of Steel Division (000 tones)
performance of the Company at the end of Financial Year
2016-17. This Report should be read in conjunction with the
Companys financial statements, the schedules and notes thereto
11,351
10,973
and the other information included elsewhere in the Integrated
Report. The Companys financial statements have been prepared
9,698
9,543
9,073
8,931
8,750
in accordance with Indian Accounting Standards (Ind AS)
8,516
7,941
7,482
complying with the requirements of the Companies Act, 2013
and guidelines issued by the Securities and Exchange Board of
India (SEBI).
This report is an integral part of the Directors Report. Aspects on
industry structure and developments, opportunities and threats, FY13 FY14 FY15 FY16 FY17
outlook, risks, internal control systems and their adequacy,
Production Sales
material developments in human resources and industrial
relations have been covered in the Directors Report. Your Tata Steel Jamshedpur (TSJ)
attention is also drawn to sections on Strategy forming part of
During Financial Year 2016-17, the saleable steel production stood
the Integrated Report. This section gives significant details on
at 9.71 million tonnes which is same as that of previous year. The hot
aspects mentioned above.
metal production for the financial year was at 10.83 million tonnes
which is 1.60% higher over previous year. This stable performance
B. TATA STEEL GROUP OPERATIONS
was due to consistent supply of desired quality of raw materials
1. Tata Steel India from captive mines, use of low ash imported coking coal, consistent
(`crore) supply of energy, utilities and better plant yield. The Company has
FY 17 FY 16 cross functional continuous improvement programs through Total
Turnover 53,261 42,697 Quality Management methodologies and Shikhar25 (accelerated
EBITDA 11,953 7,792 improvement program). The key operational improvements during
Profit before tax (PBT), before Financial Year 2016-17 over previous year are reduction in coke rate,
6,060 3,193
exceptional lime consumption, refractory consumption, increase in pulverised
Profit before tax (PBT) 5,357 1,543 coal and tar injection and other improvements.
Profit after tax (PAT), before
4,148 2,605
exceptional Tata Steel Kalinganagar (TSK)
Profit after tax (PAT) 3,445 956
Tata Steel has set-up Phase 1 of the state-of-the-art 3MnTPA
(i) Operations capacity steel plant at Kalinganagar. Trial run of the major facilities
(In million tonnes) started in the last quarter of Financial Year 2015-16 and the
FY 17 FY 16 Change (%) commencement of commercial production started from May 2016.
Hot Metal 13.05 10.65 22 The process route for the plant is Blast Furnace, Basic Oxygen
Crude Steel 11.68 9.96 17 Furnace, Continuous Caster, Hot Strip Mill and the product mix is
Saleable Steel 11.35 9.70 17
Hot Rolled Coils and plates.
Sales 10.97 9.54 15
The Phase 1 of the plant consists of a 3.3 million tonnes Blast Furnace
(4,330 cubic metre capacity), Two Coke Ovens- stamp charged gas
recovery type batteries of 1.5 million tonnes of gross coke, Sinter
plant with a gross production capacity of 5.75 million tonne,
Steel Melting Shop with the largest converter in India (310 Tonne)
and Hot Strip Mill having two roughing mills along with seven
strands all duly commissioned.

MANAGEMENT DISCUSSION AND ANALYSIS
The facility is a testimony to technological excellence. Technologies 44% of the market in this segment. Sales increased by ~9% over
that are unique in Kalinganagar Plant include Composition the previous year while the industry growth stood at ~6%. This
Adjustment System with Oxygen Blowing process for secondary was achieved through various initiatives such as Value Analysis
refining in steel making, Twin Caster for steel casting, Twin Tippler & Value Engineering (VAVE) workshops, organizing Milestone
for Raw Material handling and Granshot production from Hot Celebration Activities, engagement with Auto OEMs, etc. The
Metal. Hot Strip Mill is designed to produce High Strength Steel Company organized the 6th Edition of its biennial Auto Steel
in various segments with wide range of product features (up to Knowledge Summit - Driving Steel in Kuala Lumpur, Malaysia
1200MPa tensile strength, 2050 mm width and 25 mm thickness of which saw 155 participants from 9 countries. The Company has
Hot Rolled Coils). The plant is provided with Waste Recycling Plant been recognized and awarded with Outstanding Support in Sales
and Central Effluent Treatment Plant to conserve natural resources. Promotion by Honda Motors, Excellence Award by Maruti Suzuki,
Gas based Captive Power Plants maximize power generation using Overall Performance Award by Tata Motors and Quality Certificate
the by-product gases generated in the plant operations. awarded by Toyota Kirloskar for achieving quality targets.
The Financial Year 2016-17 was defining for TSK. Ramp-up of all the Branded Products, Retail and Solutions: Sales of branded
major facilities was ahead of the plan and the plants reached very products grew by ~3% in the Financial Year 2016-17 over the
high levels of capacity utilization. The production volumes reached previous year. The Company achieved its highest ever B2C sales
by the various plants are - Coke Plant - 1.3 million tonnes of Gross of 1.62 million tonnes, which include Tata Tiscon and Tata Shaktee
Coke, Blast Furnace - 2.2 million tonnes hot metal, Steel Melting brands. Tata Steels sales to Small and Medium Enterprises (SME)
Shop - 1.68 million tonnes crude steel, and Hot Strip Mill - 1.78 segment (including brands of Astrum, Steelium & Galvano) also
million tonnes of Hot Rolled Coils with rolling of additional slabs achieved the highest ever sales of 1.85 million tonnes in 2016-17.
transferred from Jamshedpur Plant and procured from outside. Tata Shaktee and Tata Tiscon have been adjudged as Consumer
Sales volume achieved during Financial Year 2016-17 was 1.6 million Super brand for 2016-17 for third and fourth time in a row
tonnes of Hot Rolled Coils. The quality ramp-up in steel making and respectively by Super Brands India Pvt. Ltd. In addition to above,
rolling also remained ahead of the plan. The product mix comprised Tata Tiscon won Asias Most Admired Brand in Infrastructure
of low carbon grades, medium & high carbon grades, and peritectic category by World Consulting & Research Corporation, Indias
grades, which served different market segments, such as LPG, Tube leading brand equity management and consulting firm.
making, Tin plating, Construction & Projects, Lifting and Excavation,
Industrial Products, Projects and Exports: The Company
Automotives, Heavy Engineering, etc. The plant is poised to produce
continued the journey towards increasing the value added sales
Advanced High Strength Steels (AHSS) grades like CR Grades, high
with a highest ever sales in LPG segment at 0.36 million tonnes.
strength LPG grade, high strength grades for structural applications,
The Company achieved a market share of 47% coupled with almost
special tube grades and automotive grades.
a 5 fold jump in sales to new segments such as Pre-engineered
Building, Construction & Projects, Lifting & Excavation and Oil & Gas
(ii) Marketing and Sales Initiatives
segment. Industrial Products business (including exports) vertical
During the year, our Steel Business achieved highest ever sales has registered a growth of 32% and our focused efforts towards
volume of 10.97 MT, registering a growth of ~15% over the previous enhancing its presence in international geographies has resulted in
years sales of 9.54 MT as against industry growth of ~3%. This best ever exports of 0.74 MnT (previous best 0.55 MnT in FY 2009).
growth is attributable to the ramp-up of our Kalinganagar plant.
As a recognition for its efforts towards achieving excellence,
The break-up of sales in our various segments and the break-up of the Company was bestowed the 6th Engineering Procurement
domestic sales to exports is as follows: Construction awards in the Outstanding Company in Steel
(All figures in Million tonnes) category for its exceptional contribution towards infrastructure
Particular FY 17 FY 16 and construction sector. The Company was also awarded with the
Automotive & Special products 1.58 1.43 Best in Quality Product by the 9th Annual Franchise India and
Branded Products, Retail & Magppie Estate Awards.
3.47 3.36
Solutions
Industrial Products & Projects 4.03 3.46 (iii) Ferro Alloys and Minerals Division
Domestic 9.08 8.24
Exports 0.74 0.16 Our Ferro Alloys and Minerals Division (FAMD) is amongst
Domestic + Exports 9.82 8.41 the top six chrome alloy producers globally with operations
Transfers (Wires,Tubes,Agrico,TCIL) 1.15 1.14 spanning across two continents. In India, it is the largest
Total Sales 10.97 9.54 producer of ferro chrome and also one of the leading manganese
alloy producer. During the year, there was a sudden increase in
Automotive and Special Products: Achieved best ever sales
demand for stainless steel due to growth in global economy.
in the Automotive segment. Currently, the Company occupies

However, the supplies of ferro chrome and chrome ore was During the year, the Tubes SBU achieved 5% growth in sales over
not geared up. This led to steep hike in international prices. the previous year. Tata Structura grew 10% and this was mainly
The Company increased ferro chrome production through new due to improved demand in the construction segment. We also
ferro processing centres and sale at spot prices across different undertook measures to sustain the price in the market that resulted
markets and different grades. in higher sales revenue.
FAMD achieved a production of 1,320 KMT as against 740 KMT in The division has undertaken digital initiatives and developed new
the previous year. products like differentiated blue coloured thin organic coated
tubes for better corrosion protection, medium/heavy structural
Production and sales of FAMD (000 tones) steel segment.
(v) Bearings Division
1,327
1,320
1,242
Our Bearings Division is one of the Indias largest quality bearing

1,152
manufacturers, having manufacturing facility at Kharagpur. The

1,004
911
division has an annual production capacity of 40 million bearing

numbers. It is the only bearings manufacturer in India to win the
740
TPM Award (2004) from Japan Institute of Plant Maintenance,

585
Tokyo. The division is also certified with ISO/TS16949, OHSAS,

315
315
ISO14001 and ISO9001:2008 certifications for all its systems

and processes. We are foremost in the manufacturing of a wide
FY13 FY14 FY15 FY16 FY17
variety of bearings and auto assemblies and product range
Production Sales includes Ball Bearings, Taper Roller Bearings, Hub Unit Bearings,
Clutch Release Bearings, Double Row Angular Contact Bearings,
In February 2017, our first greenfield Ferro Chrome Plant at
Centre Bearings and Magneto Bearings.
Gopalpur commenced production. Our Chromite Mine at
Sukinda became the first unit to obtain Integrated Management Production and sales of Bearings Division (Mn nos.)
Systems (IMS) certification. (ISO 9001:2015, ISO 14001:2015 and
OHSAS 18001:2007).
38
38
37
36
35
35
34
34
34
32
(iv) Tubes Division

Our Tubes Strategic Business Unit (SBU) is a leading manufacturer
of pipes and tubes having its manufacturing facility at Jamshedpur.
The division has an annual production capacity of ~5 lakh metric
tonnes. The three main lines of businesses are conveyance tubes
(Tata Pipes), structural tubes (Tata Structura) and precision tubes
for auto and boiler segments.
FY13 FY14 FY15 FY16 FY17
Production and sales of Tubes Division (000 tones) Production Sales
The division attained 5% growth in sales over previous year

487
483
mainly due to increased off-take by two wheeler and channel

462
459
444
444
segments. The division has also improved plant availability by

422
418
391
387
de-bottlenecking and leveraging its existing resources for

sustainable operations.
The division has won number of awards and accolades - Bosch
Supplier Award-2016, India Region for superior quality (<50 parts
per billion for last 2 years) for excellent delivery performance,
Self Certified Supplier recognition from Mitshubishi Heavy
FY13 FY14 FY15 FY16 FY17 Industries VST Diesel Engine Pvt Ltd.
Production Sales

2. Tata Steel Europe account of recovery to European Union (EU) steel selling prices
and benefit from depreciation of sterling following Brexit. These
Global GDP grew at 2.3% in 2016, the eurozone economy grew
gains were partly offset by a 9% decrease in deliveries caused by
by 1.7%, which was slightly lower than in 2015 (2.0%). In order
lower production.
to avoid a deflationary environment the European Central Bank
extended the quantitative easing programme causing a further TSE reported lower loss (before exceptional items) from continuing
depreciation of the euro. The UK economy grew by 1.8% in 2016 operations mainly on account of stronger market conditions,
(2.2% in 2015). The impact of the UK referendum to leave the currency tailwinds, restructuring of UK operations as well as the
European Union (Brexit) has to date been modest. The most ongoing improvement programmes, including the supply chain
significant development has been the depreciation of the pound transformation programme which went live during the year.
against major currencies including the euro and the US dollar. Exceptional items including non cash pension curtailment charges
Growth in China again decelerated in 2016 to 6.7% (2015: 6.9%). aggregating to `3,753 crore resulted in a loss of `4,515 crore from
The Government is seeking to transform the economy from being continuing operations.
investment led to become more consumer driven, as its cost
Liquid steel production during the year was 0.55MnT lower
advantage is being eroded.
than the previous year mainly due to restructuring measures
The steel industry is a highly cyclical industry. Financial performance implemented in the UK to reduce production levels to rationalise
is affected by general macroeconomic conditions that set the costs and focus on higher margin business.
demand from the downstream steel using industries, as well as by
Post restructuring, TSEs facilities at IJmuiden, Netherlands and
available global production capacity and exchange rates relativities.
Port Talbot, UK, produce carbon steel by the basic oxygen
As integrated steel players seek to maintain high capacity
steelmaking method.
utilisation, changes in margins across regions lead to changes in the
geographical sales pattern. In addition to market developments in Strip Products Mainland Europe: During the year, the liquid steel
the UK and mainland Europe, changes in the global market for steel production at IJmuiden Steel Works, Netherlands was at 6.9MnT
influence the financial performance of Tata Steel Europe (TSE). which was 0.2MnT lower than the previous year. The decline was
TSE is continuously undertaking strategic initiatives to maintain its due to operational issues in the Blast Furnaces and Basic Oxygen
ability to successfully compete in the long term. Steelmaking. Record annual outputs of 1MnT were achieved at
Cold Mill 22 and 0.6MnT at Hot Dipped Galvanised 3. The plant has
The turnover and profit/loss figures of TSE (continuing operations)
undertaken improvement initiatives on cost reduction, business
are given below:
specific improvement plans and securing access to cost effective
(`crore) raw materials.
FY 17 FY 16 During the year the business progressed its Sustainable Profit
Turnover 52,085 53,555 programme which is targeting improvements to delivery and yield
EBITDA 4,705 (513) performance, and reductions to operating costs and unplanned
Profit before tax (PBT), before downtime. Further progress was also achieved in the Strategic
(326) (5,969)
exceptional
Asset Roadmap (STAR) capital investment programme which will
Profit before tax (PBT) (4,079) 1,082
support the strategic growth of differentiated, high value products
(762) (5,778) in the automotive, lifting & excavating and energy & power market
exceptional
sectors.
Profit after tax (PAT) (4,515) 1,274
Strip Products UK: During the year, liquid steel production at
The production and sales performance of TSE (continuing
the Port Talbot Steel Works at 3.6MnT, was 0.4MnT lower than
operations) is given below:
the previous year. The decline was due to restructuring measures
(In million tonne) implemented in the UK in order to focus on higher value products.
FY 17 FY 16 Change (%) Record annual outputs were achieved in Port Talbot during the
Liquid Steel year on the following installations: 1.8MnT at Caster 3 (previous
10.56 11.11 (5) record in FY16 1.7MnT), 3.3MnT at the Hot Strip Mill (previous
Production
Deliveries 9.93 10.97 (9) record in FY16 3.2MnT) and 1.2MnT in the Link (marginally
higher than the previous record in FY16). In the Llanwern site the
TSEs revenue of `52,085 crore for the Financial Year 2016-17 Zodiac line maintained production at the record level of 0.5MnT
was 3% lower than the previous year in rupee terms. (unchanged from the previous year) but with a record level of 92%
of automotive grades compared to 81% in Financial Year 2015-16.
However in GBP terms (TSEs reporting currency) it was higher by
During the year the business progressed the Delivering Our Future
9% attributable to 20% increase in average revenue per tonnes on

transformation programme, which is targeting increased customer During the year, the Siam Construction Steel Company Ltd. (SCSC)
value and a reduction to operating costs, and also initiated the first plant of TSTH won the prestigious Prime Ministers Industry
phase of the Supply Chain Transformation programme. Awards 2016 on Safety Management. TSTH won the Thailand
ICT Excellence Award 2017 on Digital to Accelerate Performance
3. NatSteel Holdings Enhancement.
The turnover and profit/loss figures of NatSteel Holdings (NSH)
5. Tata Metaliks Limited
for Financial Year 2016-17 are as follows:
(`crore) The turnover and profit/loss figures of Tata Metaliks Limited (TML)
FY 17 FY 16 for Financial Year 2016-17 are as follows:
Turnover 4,478 4,697 (`crore)
EBITDA 206 59 FY 17 FY 16
Profit before tax (PBT) before Turnover 1,410 1,390
27 (142)
exceptional Profit before tax (PBT) 152 137
Profit before tax (PBT) 132 (294) Profit after tax (PAT) 116 111
30 (114)
exceptional TML has its manufacturing plant at Kharagpur, which produces
Profit after tax (PAT) 134 (266) annually 3 lakh tonnes of pig iron and 2 lakh tonnes of ductile iron
pipes. Pig iron is marketed in the brand name Tata eFee (worlds
During the year, NSH recorded total deliveries of 1.35 million tonnes
first brand) and ductile iron pipe is marketed in the brand name
as against 1.55 million tonnes in the previous year. This led to lower
Tata Ductura.
revenues. In the current year, domestic demand in the steel bars
remained weak due to sluggish construction market which led to During the year, the production and sale of ductile iron pipes
lower volumes. increased by 41% and 40% respectively as compared to the
previous year. The profits of current year are higher as compared
The improvement in profit is mainly due to increased profitability
to previous year primarily due to lower operating cost and higher
from NatSteel Singapore Upstream Business and reduced losses
volumes of ductile iron pipes off-set by higher operating cost and
at China operations owing to closure of Xinhai operations in
lower volumes of pig-iron.
September 2015.
During the year, TML took following strategic measures:
4. Tata Steel Thailand
Amalgamation of its subsidiary, Tata Metaliks DI Pipes Limited
The turnover and profit/loss figures of Tata Steel Thailand (TSTH) to realise greater synergies;
for Financial Year 2016-17 are as follows: Capacity expansion of DI pipe plant by installing a new
casting machine and a finishing line;
(`crore) Coke Oven Project on BOOT (Build Own Operate Transfer)
FY 17 FY 16 basis having a capacity of 10,000 tonnes/month of blast
Turnover 3,767 3,154 furnace grade coke;
EBITDA 322 164 10 MW Power Plant utilizing the exhaust flue gases from Coke
Profit before tax (PBT), before Ovens; and
202 42
exceptional
Modernization and expansion of mini-blast furnace.
Profit before tax (PBT) 84 42
159 29 6. The Tinplate Company Of India Limited
exceptional
Profit after tax (PAT) 41 29 The turnover and profit/loss figures of The Tinplate Company of
India Limited (TCIL) for Financial Year 2016-17 are as follows:
TSTH sales volume stood at 1,262 Kt, an increase of 10% over
the previous year. This is primarily on account of increase in (`crore)
private consumption supported by stimulus measures from the FY 17 FY 16
Government. The turnover increased by 19% over the previous Turnover 849 847
year, due to increase in commodity prices. The increase in TSTH Profit before tax (PBT) 41 106
profits is attributable to better operating performance, reduction Profit after tax (PAT) 28 68
in conversion cost, cost improvement initiatives, optimisation of
spares and consumables inventory.

TCIL is the largest indigenous producer of tin-coated and tin free 8. Tata Sponge Iron Limited
steel used for metal packaging. TCIL has also been value-adding
The turnover and profit/loss figures of Tata Sponge Iron Limited
its products by way of providing printing and lacquering facility to
(TSIL) for financial year 2016-17 are as follows:
reach closer to food processors/ fillers. TCIL has two cold rolling mills
and two electrolytic tinning lines. The installed annual production (`crore)
capacity of tinplate and tin-free steel is around 3.79 lakh tonnes. FY 17 FY 16
Turnover 615 635
During the year, the overall production from the two cold rolling Profit before tax (PBT) 84 43
mills was at 3.32 lakh tonnes, 3% higher than previous year Profit after tax (PAT) 58 32
(3.23 lakh tonnes). The annual production of tinning was at
3.21 lakh tonnes, 2% higher than previous year (3.14 lakh tonnes). TSIL is a manufacturer of sponge iron with an annual production
The deliveries were lower by 2% due to cheaper imports and capacity of 3.9 lakh tonnes and generates 26 MW of power through
domestic competition which resulted in decline in turnover. The the waste heat recovery route. During the year, TSIL reported 3%
annual profits declined over previous year due to higher input cost decline in turnover due to 4% lower realisation from sponge iron.
and lower deliveries.
TSIL has received Winners Award, Energy Management Award
and SHE Commendation Certificate from Confederation of Indian
7. Tata Steel Processing And Distribution Limited
Industries (Eastern Region).
The turnover and profit/loss figures of Tata Steel Processing
and Distribution Limited (TSPDL) for Financial Year 2016-17 C. FINANCIAL PERFORMANCE
are as follows:
1. Tata Steel India
(`crore)
FY 17 FY 16 During the year, the Company recorded a profit after tax of
Turnover 2,472 1,940 `3,445 crore (previous year: `956 crore) on the back of
Profit before tax (PBT) 56 72 supportive realisations, strong growth in deliveries, ramp-up
Profit after tax (PAT) 40 48 of Kalinganagar plant and lower exceptional charges over previous
year. The basic and diluted earnings per share were at `33.67
TSPDL is the largest steel service centre in India with a steel (previous year: `8.05).
processing capacity of around 1.80 MTPA. It has ten steel processing
The analysis of major items of the financial statements are given
units, several distribution locations and a host of partners like
below:
external processing agencies.
a) Net sales and other operating income
TSPDL has come a long way to be a leader in the steel service centre
business in India. TSPDL has sustained its strong growth path with its (`crore)
FY 17 FY 16 Change (%)
commitment to quality processing, innovation and focus on value
Sale of products 51,011 40,689 25
added services to its customers. TSPDL has an advanced state-of-
Sale of power and
the-art Plate processing and Fabrication center at Tada in Andhra 1,418 1,468 (3)
water
Pradesh aiming to cater to the specialized demand from various Income from town,
emerging engineering segments of the industry such as lifting and medical and other 136 133 2
excavating, power equipment, wind energy, ship building, mining services
machinery, material handling equipment, boiler & steam generating Other operating
696 407 71
plant, etc. TSPDL has undertaken several key initiatives such as income
setting up of new cold rolled hi-end coil slitting line at cold rolling Total income from
53,261 42,697 25
plant at Jamshedpur, conduct of cold trials at wide cut to length line operations
at Kalinganagar.
During the year, the overall turnover was higher as compared to
During the year, the profits of TSPDL declined on account of the previous year. This was primarily due to commencement of
lower contribution from tolling business along with lower tolling operations at Tata Steel Kalinganagar (TSK) in May 2016. The
compensation received from Tata Steel on account of lower Ferro Alloys and Mineral Division (FAMD) registered higher
volumes for Chennai Steel Servicing Centre (SSC). revenues owing to higher production of Chrome Concentrate
and Ferro Chrome along with improved demand in the
The flat processing and fabrication centre at Tada received OHSAS
international market.
18001:2007 certificate and the Pune unit achieved CII GreenCo
Gold Certificate.

b) Purchase of finished, semi-finished steel and other Other expenditure represents the following expenditure:
products (`crore)
(`crore) FY 17 FY 16 Change (%)
FY 17 FY 16 Change (%) Consumption of
2,752 2,446 13
Purchase of finished, stores and spares
semi-finished steel 881 992 (11) Repairs to buildings 71 57 25
and other products Repairs to machinery 2,282 2,025 13
During the year, the purchase of finished and semi-finished Relining expenses 55 43 28
materials decreased as compared to the previous year. This was Fuel oil consumed 111 138 (20)
due to lower purchases of steel wire rods and imported rebars Purchase of power 2,770 2,408 15
for resale. Conversion charges 2,701 2,204 23
Freight and handling
c) Raw materials consumed 3,784 2,995 26
charges
(`crore) Rent 76 74 3
FY 17 FY 16 Change (%) Royalty 1,146 939 22
Raw materials Rates and taxes 1,298 753 72
12,497 9,700 29
consumed Insurance charges 80 57 40
During the year, the consumption of Raw Materials increased Commission,
primarily due to commencement of production at TSK as well as discounts and 207 183 13
higher cost of imported coal. rebates
Allowance for credit
d) Employee benefits expense losses/provision for 16 22 (27)
advances
(`crore)
Excise duty
FY 17 FY 16 Change (%) (including recovered 5,268 4,429 19
Employee benefits on sales)
4,605 4,320 7
expense Other expenses 2,333 1,829 28
During the year, the employee benefits expense increased as Less : Expenditure
compared to the previous year. This was primarily on account of (other than interest)
218 599 (64)
salary revisions and its consequential impact on the retirement transferred to capital
provisions. & other accounts
Total Other
24,732 20,003 24
e) Depreciation and amortisation expense expenses
(`crore)
Other expenses were higher as compared to the previous year,
FY 17 FY 16 Change (%) primarily on account commencement of TSK. Further the increase
Depreciation and in Rates and taxes is on account of higher charge in DMF (District
3,542 2,962 20
amortisation expense
Mineral Foundation) as in previous year post notification in
The increase in depreciation is primarily due to commencement September 2015 stipulating the rate to 30% of the royalty, the
of operations at TSK, partly offset by impact of re-assessment of Company has reversed the excess provision (January 2015 to
useful life of asset effective April 1, 2016. August 2015) which was earlier provided at 100% of the royalty.
f) Other expenses g) Finance costs and Net Finance costs

(`crore) (`crore)
FY 17 FY 16 Change (%) FY 17 FY 16 Change (%)
Other expenses 24,732 20,003 24 Finance costs 2,689 1,848 46
Net Finance costs 2,351 1,637 44
During the year, the finance costs were higher as previous year
included higher interest capitalised of TSK. Net finance charges
were higher in line with higher finance cost, partly offset by higher
profits from sale of mutual funds.

h) Exceptional items l) Sundry Debtors

(`crore) (`crore)
Exceptional items (703) (1,649) 57 Gross Debtors 2,025 1,147 77
Less: provision for
The exceptional items during the year primarily represents 18 14 29
doubtful debts
statutory demand and claims, charge on account of Employee Net Debtors 2,007 1,133 77
Separation Scheme (ESS) under Sunhere Bhavishya ki Yojana
(SBKY) scheme and provision for advances given for repurchase The increase in sundry debtors as compared to previous year,
of equity shares in Tata Teleservices Limited from NTT Docomo Inc. primarily due to higher deliveries and increase in international
prices.
i) Fixed Assets
(`crore) m) Gross Debt and Net Debt
FY 17 FY 16 Change (%) (`crore)
Property,Plant and FY 17 FY 16 Change (%)
71,779 49,561 45
Equipment Gross Debt 28,285 30,844 (8)
Capital work-in- Less: Cash and Bank
6,125 28,174 (78)
progress balances (incl. 1,008 1,071 (6)
Other Intangible assets 788 527 50 Noncurrent balances)
Intangible assets Less: Current
39 32 22 5,310 4,325 23
under development investments
Total Fixed Assets 78,731 78,294 1 Net Debt 21,967 25,448 (14)
Capitalisation of Kalinganagar facilities from June 1, 2016.
During the current year gross debt decreased primarily due to
j) Investments following:
(`crore)
Repayment of term loans (net of drawals) `3,347 crore and
commercial paper (net of drawals) `960 crore partly offset by;
Investments
Increase in non-convertible debentures (net of repayments)
in subsidiaries,
3,398 3,341 2 `736 crore and recognition of finance leases by `730 crore.
associates and joint
ventures Further Current investments were higher by `985 crore as
Other Investments 4,958 4,119 20 compared to March 31, 2016, thereby resulting in the decrease in
Current Investments 5,310 4,325 23 the net debts.
Total Investments 13,666 11,785 16
During the year, the increase in investments was predominantly on n) Cash Flow
account of higher investments in Mutual Funds as compared to the (`crore)
previous year and fair value adjustments of non-current investments. FY 17 FY 16 Change (%)
Net Cash Flow from
k) Inventories 11,131 7,372 51
operating activities
(`crore) Net Cash Flow from
(3,921) (4,352) 10
FY 17 FY 16 Change (%) investing activities
Stock in Trade Net Cash Flow from
(7,280) (2,540) (187)
Finished and semi- financing activities
4,205 2,862 47
finished goods Net increase /
Work-in-progress 6 18 (67) (decrease) in cash (69) 480 (114)
Raw materials 3,899 2,369 65 and cash equivalents
Stores and spares 2,127 1,888 13
Total Inventory 10,237 7,137 43 Net cash flow from operating activities
Finished and semi-finished inventory increased as compared to During the year, the net cash from operating activities was `11,131
the previous year. This increase is mainly due to commencement of crore as compared to `7,372 crore during previous year. The cash
operations at Kalinganagar. The increase in raw material inventories operating profit before working capital changes and direct taxes
as compared to previous year is mainly due to increase in cost of was `11,561 crore as compared to `7,622 crore during previous
imported coal. year due to higher profitability. Working Capital decreased during

the year by `1,111 crore. This was due to increase in financial and The turnover of the Group for the current year was higher as
other financial liabilities/provisions by `5,276 crore partly offset compared to the previous year. The increase at Tata Steel India
by increase in inventories by `3,093 crore and financial and other was primarily on account of commencement of TSK and improved
financial assets by `1,072 crore. market conditions and at TSTH mainly on account of higher
realisations.
The income taxes paid during the year was `1,541 crore as
compared to `1,244 crore during the previous year. In TSE, though revenue was 3% lower than the previous year
in rupee terms, however in GBP terms it was higher by 9%. This
Net cash from investing activities reflects an increase in realisations.
During the year, the net cash outflow from investing activities In NSH turnover declined mainly on account of lower volumes.
amounted to `3,921 crore as compared to `4,352 crore during
previous year. The outflow during the year broadly represents b) Purchases of finished, semi-finished steel & other products
capex of `3,173 crore, advance of `144 crore given for repurchase (`crore)
of equity shares in Tata Teleservices Limited from NTT Docomo FY 17 FY 16 Change (%)
Inc and purchase (net of sale) of current investment amounting to Tata Steel 881 992 (11)
`668 crore. TSE 5,518 5,682 (3)
NSH 3,149 2,664 18
Net cash from financing activities TSTH 2,385 1,680 42
Others 2,518 2,130 18
During the year, the net cash outflow from financing activities was Eliminations &
`7,280 crore as against `2,540 crore during previous year. (3,026) (2,567) (18)
Adjustments
The outflow during the year is primarily on account of repayment Purchase of finished,
of borrowings (net of proceeds) amounting to `3,256 crore, semi-finished steel 11,425 10,581 8
and other products
interest payments of `2,625 crore, dividend payment of
`925 crore and payment of `112 crore made towards finance lease Purchases at the TSTH and NSH increased owing to increase in
liabilities. production and input metallic price. Indian operations decreased
primarily on account of lower purchases of imported rebars and
2. Tata Steel Group wire rods. TSE recorded a decrease primarily due to exchange
impact on translation, partly offset by external steel purchases
Tata Steel Group profit after tax from continuing operations before
required for operation.
exceptional items for the current year was `4,020 crore as against
loss of `1,948 crore during previous year. Exceptional items,
c) Raw materials consumed
including non cash pension curtailment charges, aggregating
(`crore)
to `4,324 crore resulted in a loss of `304 crore from continuing
operations during the current year. FY 17 FY 16 Change (%)
Tata Steel 12,497 9,700 29
The analysis of major items of the financial statements are given TSE 16,883 17,013 (1)
below: NSH 69 73 (5)
a) Net sales and other operating income TSTH 205 220 (7)
Others 24,035 15,074 59
(`crore)
Eliminations &
FY 17 FY 16 Change (%) (21,271) (13,965) (52)
Adjustments
Tata Steel 53,261 42,697 25 Raw materials
TSE 52,085 53,555 (3) 32,418 28,115 15
consumed
NSH 4,478 4,697 (5)
TSTH 3,767 3,154 19 The increase at Tata Steel India is due to higher consumption at TSK
Others 31,145 22,152 41 and cost of imported coal. Decrease at TSE is primarily due to the
Eliminations & exchange impact on translation, partly offset by increase in iron ore
(27,316) (19,915) (37)
Adjustments
Total income from and coal costs.
117,420 106,340 10
operations The increase in Others is primarily due to activities at TS Global
Procurement (TSGP) in relation to raw material procurement,
eliminated on consolidation.

d) Employee benefits expense Other expenditure represents the following expenditure:

(`crore) (`crore)
Tata Steel 4,605 4,320 7 Consumption of
7,881 8,288 (5)
TSE 11,344 11,815 (4) stores and spares
NSH 470 544 (14) Repairs to buildings 101 114 (11)
TSTH 172 152 13 Repairs to machinery 5,333 5,534 (4)
Others 661 757 (13) Relining expenses 141 118 19
Employee benefits Fuel oil consumed 467 486 (4)
17,252 17,588 (2)
expense Purchase of power 4,754 4,508 5
Conversion charges 2,343 1,980 18
Employee Benefit expenses increased in Tata Steel India mainly
Freight and handling
on account of increase in salary revisions and its consequential 7,268 6,832 6
charges
impact on the retirement provisions. At TSE wage cost was lower
Rent 2,364 2,730 (13)
on account of exchange impact on translation, partly offset by
Royalty 1,188 998 19
increase in wages.
Rates and taxes 1,644 1,157 42
Insurance charges 426 296 44
e) Depreciation and amortisation expense
Commission,
(`crore) discounts and 235 258 (9)
FY 17 FY 16 Change (%) rebates
Tata Steel 3,542 2,962 20 Allowance for credit
TSE 1,639 1,833 (11) losses/provision for 46 101 (54)
NSH 143 157 (9) advances
TSTH 93 90 3 Excise duty (including
5,121 4,375 17
Others 256 264 (3) recovered on sales)
Depreciation Other expenses 5,308 3,481 52
and amortisation 5,673 5,306 7 Less :-Expenditure
expense (other than interest)
765 1,093 (30)
transferred to capital
The increase in depreciation at Tata Steel India is primarily due to & other accounts
commencement of TSK partly offset by impact of re-assessment of Total Other
43,855 40,163 9
useful life of asset. Expense decreased at Tata Steel Europe mainly expenses
on account of exchange impact on translation.
Other expenditures increased at Tata Steel India mainly on account
of commencement of TSK and increased charge under District
f) Other expenses
Mineral Foundation. Decrease at Tata Steel Europe is primarily
(`crore)
due to lower operational cost owing to reduced production.
The increase in others is primarily due to adverse exchange rate
Tata Steel 24,732 20,003 24 movement at TSGH, Singapore.
TSE 16,362 18,218 (10)
NSH 837 983 (15) g) Finance costs and Net Finance costs
TSTH 894 801 12
(`crore)
Others 3,189 2,353 36
Eliminations &
(2,159) (2,195) 2 Tata Steel 2,689 1,848 46
Adjustments
TSE 3,413 3,628 (6)
Other expenses 43,855 40,163 9
NSH 40 47 (15)
TSTH 28 33 (15)
Others 2,528 1,942 30
Eliminations &
(3,626) (3,277) (11)
Adjustments
Finance costs 5,072 4,221 20

(`crore) i) Fixed Assets

FY 17 FY 16 Change (%) (`crore)
Tata Steel 2,351 1,637 44 FY 17 FY 16 Change (%)
TSE 3,392 3,623 (6) Tata Steel 78,731 78,294 1
NSH 36 43 (16) TSE 15,605 16,047 (3)
TSTH 27 32 (16)
NSH 835 1,048 (20)
Others (291) (328) 11
TSTH 695 926 (25)
Eliminations &
(960) (1,105) 13 Others 8,760 8,163 7
Adjustments
Net Finance costs 4,555 3,902 17 Eliminations &
(330) (350) 6
Adjustments
Higher finance cost at Tata Steel India as previous year included
Fixed Assets 1,04,296 1,04,128 0
higher interest capitalisation of TSK. Decrease at TSE is primarily due
to exchange impact on translation and decrease in bank and other Almost at par with previous year.
borrowings partly offset by addition of subordinate loan.
j) Inventories
Net finance charges were higher as compared to previous year (`crore)
primarily due to the increase in finance cost partly offset by FY 17 FY 16 Change (%)
increase in finance income at Tata Steel India mainly due to higher Stock in Trade
profits from the sale of mutual funds. Finished and semi-
9,185 7,353 25
finished goods
h) Exceptional items Work-in-progress 4,379 4,301 2
(`crore) Raw materials 8,020 5,153 56
FY 17 FY 16 Change (%) Stores and spares 3,220 3,206 0
Tata Steel (703) (1,649) 57 Total Inventory 24,804 20,013 24
TSE (3,753) 7,084 (153)
NSH 105 (158) 166
TSTH (118) - (`crore)
Others (30) (1,397) 98
Tata Steel 10,237 7,137 43
Eliminations &
175 110 59 TSE 11,770 11,313 4
Adjustments
NSH 818 579 41
Exceptional items (4,324) 3,990 (208)
TSTH 587 433 36
Exceptional items during the year primarily represent : Others 1,449 610 138
a) Statutory demand and claims, provision for advances given for Eliminations &
(57) (59) 3
repurchase of equity shares in Tata Teleservices Limited from NTT Adjustments
Docomo Inc. and charge on account of Employee Separation Total Inventory 24,804 20,013 24
Scheme (ESS) under Sunhere Bhavishya ki Yojana (SBKY) at Tata
Increase in inventory at Tata Steel India was primarily on account
Steel India.
of commencement of TSK and increase in coal cost. At Tata Steel
b) Impairment of property, plant and equipment mainly relating to
Europe, the increase was primarily on account of increase in raw
the European and South East Asian operations.
material prices partly offset by exchange impact and disposal of
c) Curtailment charge relating to closure of Tata Steel Europes British
longs product business.
Steel Pension Scheme (BSPS) to future accrual.
Exceptional items during the previous year primarily represent: k) Sundry Debtors
a) Net credit on account of pension schemes changes at Tata Steel (`crore)
Europe. FY 17 FY 16 Change (%)
b) Provision for statutory demands and claims, charge on account of Tata Steel 2,007 1,133 77
ESS under SBKY scheme, advances related to a project which the TSE 6,255 7,843 (20)
Company has decided to discontinue. NSH 421 389 8
c) Impairment of property, plant and equipment and charge on TSTH 179 120 49
account of Occupational Disease Claims taken at Tata Steel Europe. Others 12,223 9,219 33
d) Provision for NatSteel Xiamen. Eliminations &
(9,498) (6,638) (43)
e) Others represent non-cash write-down of PPE and goodwill at Adjustments
certain subsidiaries. Net Debtors 11,587 12,066 (4)

Decrease in Sundry Debtors at Tata Steel Europe is due to disposal of Net cash from financing activities
Long products business as well as exchange impact on translation.
During the year, the net cash outflow from financing activities was
This is partly offset by increase at Tata Steel India primarily on
`2,592 crore as against `4,729 crore during previous year.
account of higher deliveries and realisations.
The outflow during the year is primarily on account of interest
l) Gross Debt and Net Debt payments of `4,732 crore, dividend payment of `950 crore and
(`crore) payment of `208 crore made towards finance lease liabilities. These
FY 17 FY 16 Change (%) payments were partly offset by proceeds from borrowings (net of
Gross Debt 83,014 81,987 1 repayment) amounting to `3,090 crore (mainly at TSGP).
Less: Cash and Bank
balances (incl. 4,975 6,225 (20) D. RISKS
Noncurrent balances)
The Company is exposed to risks arising out of the dynamic
Less: Current
5,673 4,664 22 macro-economic environment as well as from internal business
investments
Net Debt 72,366 71,098 2 drivers. These could adversely impact its ability to create value over
the short, medium and long-term.
Gross and Net Debt increased by over `1,000 crore as fresh drawals
The Company has an Enterprise Risk Management (ERM)
were partly offset by repayments primarily at Tata Steel India and
framework to continuously develop itself as a risk-intelligent
exchange impact on translation.
organisation and strengthen corporate governance by supporting
risk-informed business decision-making.
m) Cash Flow
(`crore) The ERM process is well-integrated with the key business processes;
FY 17 FY 16 Change (%) the strategy, planning, investment and capital allocation processes.
Net Cash Flow from It draws inputs from audit findings and is integrated with the
10,848 11,455 (5)
operating activities internal audit process as well.
Net Cash Flow from
(9,086) (9,254) 2 The key risks and Companys mitigation plans are given below:
investing activities
Net Cash Flow from
(2,592) (4,729) 45 1. Macroeconomic risks
financing activities
Net increase / Overcapacity and oversupply in the global steel
(decrease) in cash (831) (2,528) 67
and cash equivalents industry and high levels of imports may negatively
affect steel prices and demand thereby reducing the
Companys profitability.
Net cash flow from operating activities
Developments in the competitive environment in
During the year, net cash from operating activities was the steel industry, such as consolidation among the
`10,848 crore as compared to `11,455 crore during previous year. Companys competitors, could have a material adverse
The cash operating profit before working capital changes and effect on the Companys competitive position. This could
direct taxes was `17,581 crore as compared to `6,824 crore during potentially impact the Companys business, financial
previous year due to higher profitability. Working Capital increased condition, results of operations and future prospects.
during the year by `4,891 crore due to increase in inventories by The Company has a global presence and its financial
`8,243 crore along with financial and other financial assets by condition and results of operations may be affected by the
`524 crore, partly offset by increase in financial and other financial local conditions prevalent in the countries where it operates.
liabilities/provisions by `3,877 crore. Any downgrading of Indias sovereign rating by
independent agency(ies) may harm the Companys
The income taxes paid during the year was `1,843 crore as
ability to raise finance.
compared to `1,534 crore during the previous year.
2. Financial risks
Net cash from investing activities Volatility in financial markets including fluctuation in
foreign exchange rates impacts the Companys debt
During the year, the net cash outflow from investing activities
financing programmes and creates uncertainties in
amounted to `9,086 crore as compared to `9,254 crore during
accessing financial markets.
previous year. The outflow during the year broadly represents capex
Downgrade in credit rating of Companys securities
of `7,716 crore (mainly at Tata Steel India and Tata Steel Europe) and
may have an adverse impact on the Companys ability
purchase (net of sale) of current investment amounting to `693 crore.
to raise finance at competitive rates.

The Company has substantial amount of debt, which Hostilities, terrorist attacks or social unrest in regions
may adversely affect its cash flow and its ability to where the Company operates may adversely affect its
operate the business. operations and financial condition.
Any changes in assumptions underlying the carrying The Companys operations impact the environment.
value of certain assets, including as a result of adverse Compliance with laws and regulations and remediation
market conditions, could result in impairment of such of contamination, could result in substantial increase of
assets. capital requirements and operating costs.
Restrictive covenants in financing agreements may Failure of Information Technology systems which
limit the Companys financial flexibility and adversely control the Companys manufacturing plants may
impact its financial condition, results of operations and adversely impact its business operations.
prospects
5. Market related risks
3. Regulatory risks
Competition from other materials, or changes in the
The Company faces regulatory risk from predatory products or manufacturing processes of the Companys
pricing and surge in steel imports. customers who use steel products, could reduce
Non-compliance to regulatory and environmental market prices and demand for the Companys products,
norms may result in liabilities and damage the thereby reducing its cash flow and profitability.
Companys reputation. Product liability claims may adversely affect the
The Company relies on leased mines and in case of Companys operations and finance.
non-renewable of the mining leases, it may be forced to
6. Climate Change Risks
purchase such minerals at higher prices from the open
market, which may negatively impact its performance. In April 2016, 174 countries, including India signed
The Company may benefit from certain protective the Paris agreement (COP21). The principle aim of the
trade restrictions, including anti-dumping laws, Agreement is to accelerate and intensify the actions
countervailing duties and tariffs, which if not available, required for a sustainable low carbon future. Indias
may adversely affect its operations and financial commitments in COP21 have come into force and
condition. mandatory emission reduction targets are expected by
The Companys business could be affected by potential 2020. Going forward, the industry will be challenged
regulatory and judicial actions. by increase in international and domestic regulations
relating to GHG emissions.
4. Operational risks
The ultimate effect of such international agreements
The industry is highly cyclical and a decrease in steel and regulatory measures to limit GHG emissions on
prices may adversely impact its financial condition. the Companys performance and the timing of these
The Companys operations and financial condition effects will depend on a number of factors. Such factors
could be adversely affected if it is unable to successfully include, among others, the sectors covered, the GHG
implement its growth strategies. emissions reductions required and the extent to which
The Companys industry is inherently hazardous. Unsafe the Company will be able to recover the costs incurred
conditions/ acts leading to loss of life, injury may result through the pricing of its products in the competitive
in capital, financial and reputational damage. marketplace.
The Companys business is prone to high proportion of
fixed costs and volatility in the prices of raw materials 7. People risk
and energy. Mismatches between trends in prices
The Companys success depends on the continued
of raw materials and steel, as well as limitations on
services of its senior management team and business and
or disruptions in the supply of raw materials, could
prospects could suffer if it loses one or more key personnel
adversely affect its profitability.
or if it is unable to attract and retain its employees.
Estimates of the Companys Indian mineral reserves and
Any labour unrest could adversely affect the Companys
the mineral reserves of its other mining investments are
operations and financial condition.
subject to certain assumptions. If the actual amounts of
such reserves are less than estimated, or if the Company The Companys mitigation strategies are enumerated as under:
is unable to gain access to sufficient mineral reserves,
The macroeconomic and market related risks are addressed
its results of operations and financial condition may be
through diversification of the Companys product portfolio and
adversely affected.
development of value added products.

MANAGEMENT DISCUSSION AND ANALYSIS / REPORT ON CSR ACTIVITIES
To counter exposure to foreign exchange volatility, the Company E. OPPORTUNITIES

has formulated foreign exchange hedging policies to protect the
The Company continues to adapt to the ever changing business
trading and manufacturing margins. The Company actively monitor
environment to take advantage of the opportunities to deliver
the currency and commodity markets and formulate strategies
sustainable value for all its stakeholders.
with inputs from market participants and industry experts.
Liquidity management is integrated with business planning and With increasing migration, newer centres of development and
cash flow projections. The Company opportunistically refinances government programmes such as the Smart City Mission, the rate
its debt with favourable covenants and reduced interest rates to of urbanisation in India is expected to rise significantly in the near
provide financial flexibility to its business. future. A young demography tends to propel demand for housing,
transportation and public infrastructure. Despite a significantly
The regulatory risks are managed through dialogue with
growing urban population, Indias per capita steel consumption
regulatory authorities and proactive legal consultations to ensure
is considerably low (61kg) compared to China (540kg). This clearly
timely sanctions, approvals, clearances, and renewal of mining
shows that there is significant headroom for consumption growth.
leases for the Companys operations. The Company works with
The Company expects to take advantage of the growth opportunity
policy makers to curb predatory pricing and surge in steel imports
provided by the Indian economy, by enhancing its steel producing
to create a level playing field. Efforts are made though Industry
capacity in India by both, organic and inorganic means.
Associations towards simplification of rules, a predictive policy
regime and transition time for regulatory changes. The Company Further, Indias iron ore reserves and competitive labour costs
continuously looks to invest in automated systems for monitoring give steel manufacturers based in the country a distinctive cost
the compliances to the regulatory and environmental norms. advantage. The Company seeks to leverage this advantageous
position and strengthen its status as a low-cost and high-quality
The operational risks are mitigated through development of
producer of steel.
well-structured processes for effective project planning &
management. The Company enhances in-house capability and The Company also endeavours to access high quality, low-cost iron
leverage past project management expertise. It also looks to ore that is available in its proximity by continuously investing in
evaluate investment proposals for inorganic growth. The launch mining assets to secure the long term availability of iron ore.
of Committed to Zero campaign has led to increased safety
The demand for new product segments and creating
awareness and improved safety practices at the Companys
differentiation through services and solutions will be leveraged
facilities. The Company continues to focus on various initiatives
through acceleration of new product development and creation of
to address Health, Education and Livelihood of the community
differentiated products, services and solutions.
in its operating areas. The continued supply of raw material is
ensured through centralized procurement, continued monitoring The Company expects the demand for steel products to be strong
of market conditions and robust contractual arrangements. Risk in the developing economies and the Company proposes to utilise
assessments of extended supply chain has been undertaken to it as well as its Groups existing network to meet this increased
identify weak links. demand.
The Company is conscious of the impact of its operations on The Company intends to adopt digital technology to improve
environment and it continues to invest in projects & schemes productivity and become more agile. To strengthen this
including pollution control equipment, effluent treatment plants, opportunity, the Company is currently undertaking pilot projects
air quality monitoring systems, waste recycling & disposal schemes, and developing capabilities on an organization-wide basis.
etc. aimed at minimizing environmental footprint.
To enable the Companys customers to realize value from its
To mitigate the risk of climate change and to be sustainable, by-products, the Company assists them in exploring new
the Company is focussing on innovative technologies that can application areas.
significantly lower emissions over the long-term. The GHG issues
and the Companys responses are integrated into the Companys F. STATUTORY COMPLIANCE
strategy and planning, capital investment reviews, and risk
The Managing Director (India & South East Asia) and Group
management tools and processes, where applicable. Further, the
Executive Director (Finance, Corporate & Europe) make a
Company draws on the Tata Groups initiatives and collaborations
declaration at each Board Meeting regarding compliance with
with academic & research institutions for projects on Climate
provisions of various statutes after obtaining confirmation from
Change issues.
respective units of the Company. The Company Secretary ensures
The Company periodically reviews the succession plan for its compliance with all corporate laws and listing rules applicable to
senior management team to ensure continuity in leadership. The the Company.
Companys people related policies are reviewed and monitored to
attract and retain its employees.

ANNEXURE 3
Annual Report on Corporate Social Responsibility Activities
[Pursuant to Section 135 of the Companies Act, 2013]
I. OVERVIEW OF THE CORPORATE SOCIAL Tata Steel Family Initiatives Foundation (TSFIF), a registered trust
RESPONSIBILITY (CSR) POLICY under Indian Trusts Act, 1882. The principal objective of the trust
is to undertake projects/programmes on reproductive health,
Our CSR initiatives are guided by our CSR Policy (Policy)
prevention of drug or alcohol addiction and empowerment of
adopted on September 17, 2014. The Policy is available on the
women through literacy and income generation.
Companys website at www.tatasteel.com. Our CSR activities
are aligned to the Tata Group focus initiatives namely Tata Steel Zoological Society (TSZS), a registered society
Education, Health, Livelihood, Rural and Urban infrastructure. under Societies Registration Act, 1860. The principal objective
We also undertake community-centric interventions in the of the society is to provide natural habitats to various animals
areas of sports, disaster relief, environment and ethnicity. suitable for their conservation and propagation. It also acts as
a facilitator to spread the message of nature conservation by
II. COMPOSITION OF CSR AND SUSTAINABILITY building awareness and conducting educational programmes.
COMMITTEE OF THE BOARD
V. TATA STEEL FOUNDATION
At the helm of our CSR governance structure is the Corporate
Social Responsibility and Sustainability Committee of the In order to strengthen our CSR deployment and governance
Board that comprises of Mr. Ishaat Hussain (Chairman), system, the Board of Directors, on December 16, 2015,
Mr. O. P. Bhatt, Mr. D. K. Mehrotra, Mr. Koushik Chatterjee and approved the formation of a Section 8 Company. On August
Mr. T. V. Narendran. 16, 2016, Tata Steel Foundation (TSF), a Section 8 Company,
was incorporated under the Companies Act, 2013. The
III. CSR ADVISORY COUNCIL Board of Directors of TSF comprises of Mr. Ishaat Hussain,
Mr. T.V. Narendran and Mr. Koushik Chatterjee.
We have a 12-member CSR Advisory Council comprising of
eminent personalities from academia and the development The broad objectives of TSF are as follows:
sector. The members of the Advisory Council provide macro
1.
To undertake various developmental and CSR
policy-level inputs to the apex CSR and Sustainability
programmes, including those provided in Schedule VII
Committee and guide the Companys approach towards CSR.
of Section 135 of the Companies Act, 2013, either on its
own or on behalf of any other person or organization
IV. CSR DELIVERY ARMS
2. To undertake CSR projects jointly with other companies
In terms of the Companies Act, 2013, companies are
including foreign companies
allowed to carry out their CSR activities through registered
trusts and/or societies. We carry out our community centric 3. To borrow or raise money and garner support from
interventions through a number of CSR delivery arms national and international agencies
including the following:
4. To make contributions to any non-profit organization
Tata Steel Rural Development Society (TSRDS), a registered with objectives similar to those of the Company
society under Societies Registration Act, 1860. The principal
5. To apply the profits solely towards the promotion of its
aim and objective of the society is to undertake, promote,
objectives
sponsor, assist or aid directly any activity/project/programme
for the promotion and growth of the rural economy, rural
VI. FINANCIAL DETAILS
welfare, socio-economic development and upliftment of the
people in rural areas.
Particulars (` crore)
Tribal Cultural Society (TCS), a registered society under Average net profit of the Company for the last 3
Societies Registration Act, 1860. The principal objective of 5,789.77
financial years
the society is to promote and undertake cultural activities, Prescribed CSR Expenditure (2% of the average net
cultural education and training of various tribes. 115.80
profits)
Tata Steel Skill Development Society (TSSDS), a registered Details of CSR Expenditure during the financial year:
society under Societies Registration Act, 1860. The principal Total amount to be spent for the financial year 115.80
aim and object of the society is to provide facilities for technical Amount spent 193.61
and other skill enhancement trainings within the nation. Amount unspent Nil

REPORT ON CSR ACTIVITIES
Manner in which amount spent during the financial year is given as an annexure to this report. Details of projects undertaken during the
year along with the impact of our CSR activities are discussed in the Community Development Section of this Integrated Report.
VII. RESPONSIBILITY STATEMENT

We hereby affirm that the CSR Policy, as approved by the Board, has been implemented and the Corporate Social Responsibility and
Sustainability Committee monitors the implementation of CSR Projects and activities in compliance with our CSR objectives.
sd/- sd/-
Ishaat Hussain T. V. Narendran
Chairman of CSR and Sustainability Committee Managing Director
(DIN: 00027891) (DIN: 03083605)
Mumbai
May 16, 2017
Annexure to the Corporate Social Responsibility Annual Report

Manner in which the amount spent during the financial year is detailed below:
(` crore)
(1) (2) (3) (4) (5) (6) (7) (8)
Amount Cumulative Amount
Sector in
Location of project Amount Spent expenditure spent Direct
Sl. CSR project or which the
(District & State) outlay on the till the or through
No activity identified project is
(Budget) projects or reporting implementing
covered
programs period agency
Jharkhand - East Singhbhum, West
Singhbhum, Ranchi, Dhanbad,
Promoting health Ramgarh, Gumla Direct,
care including Odisha - Ganjam, Jajpur, TSRDS,
1 Health 69.27 58.75 58.75
preventive health Kendujhar, Sundargarh, TCS,
care and sanitation Bhubaneshwar TSFIF
West Bengal - Kolkata
Maharashtra - Mumbai
Total 69.27 58.75 58.75
Jharkhand - East Singhbhum, West
Making available Drinking Singhbhum, Dhanbad, Ramgarh Direct,
2 13.54 9.39 9.39
safe drinking water Water Odisha - Ganjam, Jajpur, TSRDS
Kendujhar, Sundargarh
Total 13.54 9.39 9.39
Jharkhand - East Singhbhum, West Direct,
Promotion of
Singhbhum, Dhanbad, Ramgarh TSRDS,
3 education including Education 58.37 73.71 73.71
Odisha - Ganjam, Jajpur, TCS,
special education
Kendujhar, Sundargarh TSF
Total 58.37 73.71 73.71
Employment
enhancing
vocational skills
4 Jharkhand - East Singhbhum,
especially to Direct,
West Singhbhum, Dhanbad,
women, children, TSRDS,
Livelihood Ramgarh 20.41 20.39 20.39
differently abled TCS,
Odisha - Ganjam, Jajpur,
TSSDS
Livelihood Kendujhar, Puri, Sundargarh
5 enhancement
projects
Total 20.41 20.39 20.39

(` crore)
(1) (2) (3) (4) (5) (6) (7) (8)
Amount Cumulative Amount
Sector in
Location of project Amount Spent expenditure spent Direct
Sl. CSR project or which the
(District & State) outlay on the till the or through
No activity identified project is
(Budget) projects or reporting implementing
covered
programs period agency
Environmental
Jharkhand - East Singhbhum,
sustainability,
West Singhbhum, Dhanbad,
protection of
Ramgarh
flora & fauna, Direct,
Odisha - Jajpur, Kendujhar,
6 agroforestry, animal Environment 2.85 2.90 2.90 TSRDS,
Sundargarh
welfare, resource TSZS
Maharashtra - Mumbai
conservation,
New Delhi
maintaining quality
of soil, air, water
Total 2.85 2.90 2.90
Protection and
restoration of Jharkhand - East Singhbhum,
national heritage, West Singhbhum, Ramgarh,
TSRDS,
7 promotion of art, Ethnicity Dhanbad 6.60 3.89 3.89
TCS
culture, handicrafts, Odisha - Kendujhar, Jajpur
setting up public
libraries etc.
Total 6.60 3.89 3.89
Promotion of Jharkhand - East Singhbhum,
Rural, Nationally West Singhbhum, Dhanbad,
recognised, Ramgarh Direct,
8 Sports 5.71 3.37 3.37
Paralympic and Odisha - Ganjam, Jajpur, TSRDS
Olympic sports Kendujhar, Sundargarh
especially training
Total 5.71 3.37 3.37
Setting up homes,
hostels, old age
9 homes, day care Jharkhand - East Singhbhum,
centres for women, West Singhbhum, Dhanbad,
orphan, elderly Rural & Urban Ramgarh Direct,
16.63 11.99 11.99
Rural development Infrastructure Odisha - Ganjam, Jajpur, TSRDS
projects Kendujhar, Sundargarh
10 (infrastructure
and other
developments)
Total 16.63 11.99 11.99
Total Direct expenses of projects & programmes (A) 193.38 184.39 184.39
Overhead expenses (restricted to the 5% of total CSR expenditure) (B) 9.67 9.22 9.22
Total (A) + (B) 203.05 193.61 193.61

CORPORATE GOVERNANCE REPORT
ANNEXURE 4
Corporate Governance Report
COMPANYS CORPORATE GOVERNANCE BOARD OF DIRECTORS

PHILOSOPHY
The Board is at the core of our corporate governance practice
Corporate governance is the creation and enhancement of and oversees and ensures that the Management serves
long-term sustainable value for our stakeholders through ethically and protects the long-term interest of all our stakeholders.
driven business processes. At Tata Steel, it is imperative that our We believe that an active, well-informed and independent
Companys affairs are managed in a fair and transparent manner. Board is necessary to ensure the highest standards of
corporate governance.
We ensure that we evolve and follow not just the stated corporate
governance guidelines, but also global best practices. We consider it
SIZE AND COMPOSITION OF THE BOARD
our inherent responsibility to protect the rights of our shareholders
and disclose timely, adequate and accurate information regarding Our policy is to have an appropriate mix of Executive Directors
our financials and performance as well as the leadership and (EDs), Non-Executive Directors (NEDs) and Independent
governance of the Company. Directors (IDs) to maintain the Boards independence and
separate its functions of governance and management. As on
In accordance with our Vision, Tata Steel Group (the Group)
March 31, 2017, the Board comprised of ten members, two of
aspires to be the global steel industry benchmark for value
whom are EDs, three NEDs and five IDs including a Woman
creation and corporate citizenship. The Group expects to realise its
Director. The Board periodically evaluates the need for change in its
Vision by taking such actions as may be necessary to achieve its
composition and size. Detailed profile of our Directors is available
goals of value creation, safety, environment and people.
on our website at www.tatasteel.com. None of our NEDs serve as
IDs in more than seven listed companies and none of the EDs serve
CORPORATE GOVERNANCE GUIDELINES
as IDs on any listed company.
The Board of Directors (the Board) has adopted the Tata Group
The Company has issued formal letters of appointment to the IDs.
Guidelines on Board Effectiveness to help fulfil its corporate governance
As required by Regulation 46 of the SEBI (Listing Obligation and
responsibility towards stakeholders. These guidelines provide for the
Disclosure Requirements) Regulations, 2015 (Listing Regulations),
composition and role of the Board and ensure that the Board will have
the terms and conditions of appointment of IDs including
the necessary authority and processes in place to review and evaluate
their role, responsibility and duties are available on our website at
the Companys operations. Further, these guidelines allow the Board to
www.tatasteel.com.
make decisions that are independent of the Management.
Table A: Composition of the Board and Directorships held as on March 31, 2017
Indian Public All Companies Board Committees

Name of the Director DIN
Companies worldwide Chairperson Member
Non-Executive Directors
Mr. N. Chandrasekaran 00121863 6 7 - -
Mr. Ishaat Hussain 00027891 10 15 2 5
Mr. D. K. Mehrotra 00142711 7 8 3 3
Independent Directors
Ms. Mallika Srinivasan 00037022 7 9 - -
Mr. O. P. Bhatt 00548091 3 5 2 3
Mr. Andrew Robb 01911023 1 4 - 1
Dr. Peter (Petrus) Blauwhoff 07728872 1 7 - -
Mr. Aman Mehta 00009364 6 9 2 5
Executive Directors
Mr. Koushik Chatterjee 00004989 4 8 - 1
Mr. T. V. Narendran 03083605 2 5 - -
(1) Directorships in Companies worldwide (listed, unlisted and private limited companies) including Tata Steel Limited and excluding Section 8 Companies.
(2) As required by Regulation 26(1)(b) of the Listing Regulations the disclosure includes chairmanship/membership of the Audit Committee and Stakeholders
Relationship Committee in Indian Public companies including Tata Steel Limited.
(3) Mr. N. Chandrasekaran was appointed as Additional (Non-Executive) Director effective January 13, 2017 and as Chairman of the Board effective February 7, 2017.
(4) Dr. Peter (Petrus) Blauwhoff was appointed as Additional (Independent) Director effective February 7, 2017.
(5) Mr. Aman Mehta was appointed as Additional (Independent) Director effective March 29, 2017.
Note : There are no inter-se relationships between our Board Members.

Selection of New Directors and Board Membership Criteria Table B: Details of orientation given to the existing Independent
Directors during the year are as follows:
The Nomination and Remuneration Committee works with
the Board to determine the appropriate qualifications, positive Andrew Mallika
O. P. Bhatt
attributes, characteristics, skills and experience for the Board as Robb Srinivasan
a whole and its individual members with the objective of having Safety, Health and
1.3 1.3 0.7
a Board with diverse backgrounds and experience in business, Environment
government, education and public service. The Policy for Strategy/ Industry
35.9 22.4 14.3
appointment and removal of Directors and determining Directors Trends
independence is available on our website at www.tatasteel.com. Governance and
18.1 15.7 25.4
Operations
Total Hours 55.3 39.4 40.4
Familiarisation Programme for Independent Directors
These details are also available on our website at www.tatasteel.com
All new Independent Directors inducted on the Board are given
a formal orientation. The familiarization programme for our Further, Dr. Peter (Petrus) Blauwhoff, Mr. Aman Mehta and
Directors is customized to suit each ones interests and area of Mr. Deepak Kapoor who were inducted on the Board recently were
expertise. The Directors are encouraged to visit the plant and raw taken through a comprehensive induction program covering the
material locations of the Company and interact with members economic, environmental and societal aspects of the organisation.
of Senior Management as part of the induction programme. The
Senior Management make presentations giving an overview of the Board Evaluation
Companys strategy, operations, products, markets, group structure
The Nomination and Remuneration Committee has approved a
and subsidiaries, Board constitution and guidelines, matters
Policy for evaluation of the Board, its Committees and Directors
reserved for the Board and the major risks and risk management
and the same has been approved by the Board. The details of Board
strategy. This enables the Directors to get a deep understanding
Evaluation forms part of the Directors Report.
of the Company, its people, values and culture and facilitates
their active participation in overseeing the performance of the
Compensation Policy for Board and Senior Management
Management. Further, during the year the Board held one meeting
at our Jamshedpur plant location coinciding with our Founders The Board has approved the Remuneration Policy for
Day celebration. This helped Directors understand and experience Directors, Key Managerial Personnel (KMP) and all other
the rich legacy of the Company. employees of the Company. The same is available on our website
at www.tatasteel.com. Details of remuneration for Directors in
As stated in the Directors Report, the details of orientation given to
Financial Year 2016-17 are provided in Table C.
our existing Independent Directors are provided in Table B.
Table C: Shares held and cash compensation paid to Directors for the year ended March 31, 2017
(` lakh, except share data)
Fixed Salary No. of
Sitting Total
Name Perquisites/ Total Fixed Commission Equity
Basic Fees Compensation
Allowances Salary Shares held
Mr. N. Chandrasekaran - 0.80 0.80
Mr. Cyrus P. Mistry - 4.80 4.80
Mr. Ishaat Hussain 120.00 10.20 130.20 2,216
Mr. D. K. Mehrotra 70.00 5.20 75.20
Mr. Nusli N. Wadia - 4.40 4.40
Mr. Jacobus Schraven 70.00 5.60 75.60
Mr. Subodh Bhargava 110.00 10.20 120.20
Ms. Mallika Srinivasan 90.00 3.60 93.60
Mr. O. P. Bhatt 120.00 9.60 129.60
Mr. Andrew Robb 70.00 7.70 77.70
Dr. Peter (Petrus) Blauwhoff 25.00 0.40 25.40
Executive Directors
Mr. Koushik Chatterjee 101.40 193.51 294.91 515.00 809.91 1,320
Mr. T. V. Narendran 109.20 159.11 268.31 549.00 817.31 1,753

The commission of Mr. D. K. Mehrotra shown in Table C is paid to Life Insurance All the Directors as on the date of the previous AGM were present at the AGM of
Corporation of India. Further, Mr. Koushik Chatterjee was paid `48.37 lakh and the Company held on August 12, 2016.
Mr. T. V. Narendran was paid `37.52 lakh. These amounts were paid in terms of
the Companys Long Term Incentive Plan and relates to FY 2011-12 prior to they Discussions with Independent Directors
becoming Members of the Board.
Mr. Andrew Robb receives an annual fee of 1,90,000 from Tata Steel Europe
The Boards policy is to regularly have separate meetings with
(TSE) covering his role as Chairman and Member of Board Committees. Independent Directors, to update them on all business-related issues,
Mr. Jacobus Schraven serves as the Independent Director of TSE and Tata Steel new initiatives and changes in the industry specific market scenario.
Nederland B V (TSN BV). Towards this he receives an annual fee of 99,999 At such meetings, the Executive Directors and other members of the
from TSE and 45,000 from TSN BV. The remuneration paid is consistent with the
market practices and are aligned to the benchmark figures published by global
Management make presentations on relevant issues.
consulting firms.
Meetings of the Independent Directors
None of our Directors held stock options as on March 31, 2017. Our Executive
Directors are not eligible for payment of any severance fees and their contracts Pursuant to Schedule IV of the Companies Act, 2013, the
may be terminated by either of the parties by giving six months notice or the
Company paying six months salary in lieu thereof.
Independent Directors met on November 11, 2016 and
April 20, 2017 without the presence of Non-Independent Directors
BOARD MEETINGS and members of the Management. The Independent Directors
inter alia evaluated the performance of the Non-Independent
Scheduling and selection of agenda items for Board Meetings
Directors and the Board of Directors as a whole, evaluated the
Dates for Board Meetings in the ensuing Financial Year are performance of the Chairman of the Board and discussed aspects
decided in advance. Most Board Meetings are held at the relating to the quality, quantity and timeliness of the flow of
Registered Office of the Company at Bombay House, 24, Homi information between the Company, the Management and the
Mody Street, Fort, Mumbai 400001. The information as required Board.
under Regulation 17(7) read with Schedule II Part A of the Listing
Regulations is made available to the Board. The agenda and BOARD COMMITTEES
explanatory notes are sent to the Board in advance. The Board
Audit Committee
periodically reviews compliance reports of all laws applicable to
the Company. The Board meets at least once a quarter to review The Audit Committee is constituted in accordance with the provisions
the quarterly results and other items on the agenda and also of Regulation 18 of the Listing Regulations read with Section 177
on the occasion of the Annual General Meeting (AGM) of the of the Companies Act, 2013. The primary objective of the Audit
shareholders. Additional meetings are held, when necessary. Committee is to monitor and provide an effective supervision of the
Committees of the Board usually meet the day before the formal Managements financial reporting process, to ensure accurate and
Board meeting or whenever the need arises for transacting timely disclosures, with the highest levels of transparency, integrity
business. The recommendations of the Committees are placed and quality of financial reporting. The Committee oversees the work
before the Board for necessary approval. carried out in the financial reporting process by the Management,
the internal auditor, the statutory auditor and the cost auditor and
11 Board meetings were held during the year ended
notes the processes and safeguards employed by each of them.
March 31, 2017 on April 20, 2016, May 25, 2016, July 8, 2016,
The Committee further reviews the process and controls including
August 11, 2016, September 12, 2016, November 11, 2016,
compliance with laws, Tata Code of Conduct and Tata Code of
November 21, 2016, November 25, 2016, December 22, 2016,
Conduct for Prevention of Insider Trading, Whistle Blower Policy and
February 7, 2017 and March 2, 2017. The gap between any two
related cases thereto, functioning of the Anti-Sexual Harassment
Board meetings did not exceed one hundred and twenty days.
Policy and guidelines and internal controls. The Tata Code of Conduct
Table D: Attendance details of Directors for the year ended is available on our website at www.tatasteel.com
March 31, 2017 are given below:
The Board of Directors of the Company adopted the Charter on
No. of
Attendance March 31, 2015 which was revised on March 2, 2017.
Name of the Director Category Meetings
(%)
Attended The Company Secretary acts as the Secretary of the Committee.
Mr. N. Chandrasekaran NED 2 100 The internal auditor reports functionally to the Audit Committee.
Mr. Ishaat Hussain NED 11 100
Mr. D. K. Mehrotra NED 9 82 7 meetings of the Committee were held during the year ended
Ms. Mallika Srinivasan ID 9 82 March 31, 2017 on April 19, 2016, May 24, 2016, August 10, 2016,
Mr. O. P. Bhatt ID 11 100 September 12, 2016, November 10, 2016, December 14, 2016 and
Mr. Andrew Robb ID 11 100 February 6, 2017.
Dr. Peter (Petrus) Blauwhoff ID 1 100
Mr. Koushik Chatterjee ED 11 100
Mr. T. V. Narendran ED 11 100
NED Non-Executive Director; ID Independent Director; ED Executive Director

Discussion with external Auditors 4 meetings of the Committee were held during the year ended
March 31, 2017 on April 20, 2016, May 25, 2016, November 9, 2016
To ensure independence and objectivity of external auditors, the and January 13, 2017.
Committee discusses on significant issues pertaining to Financial
Statements, impairment of assets, appropriate estimates and
Table F: The composition of the Committee and the attendance
judgements of the Management, conclusions reached by Auditors
details of the Members are given below:
in respect of key judgement and identifying any other issues in
relation to the above. No. of
Attendance
Names of Members Category meetings
(%)
Table E: The composition of the Committee and the attendance attended
Ms. Mallika Srinivasan ID 1 100
details of the Members are given below: Mr. Ishaat Hussain NED 1 100
No. of Mr. O. P. Bhatt ID 3 75
Attendance ID Independent Director; NED Non-Executive Director
(%)
attended Ms. Mallika Srinivasan and Mr. Ishaat Hussain were appointed as the
Mr. O. P. Bhatt ID 7 100 Chairperson and Member of the NRC respectively effective December 22, 2016.
Mr. Ishaat Hussain NED 7 100 Further, Mr. Cyrus P. Mistry, Mr. Nusli Wadia and Mr. Subodh Bhargava ceased
Mr. Andrew Robb ID 7 100 to be Members of NRC effective December 19, 2016, December 21, 2016 and
Mr. Aman Mehta ID - - March 29, 2017 respectively. Mr. Nusli Wadia, former Chairperson of NRC, was
present at the AGM of the Company held on August 12, 2016.
ID Independent Director; NED Non-Executive Director
r. Subodh Bhargava retired as Member of the Board effective March 29, 2017
M Corporate Social Responsibility and Sustainability Committee
and hence, as of that date, ceased to be the Chairman of Audit Committee.
Mr. Aman Mehta was appointed as Additional (Independent) Director effective The purpose of our Corporate Social Responsibility and
March 29, 2017 and was inducted as Member of the Audit Committee effective
Sustainability (CSR) Committee is to formulate and recommend
same date. Mr. O. P. Bhatt assumed the Chair of the Committee effective
March 30, 2017. Mr. Subodh Bhargava, Chairman of the Audit Committee as on the to the Board, a Corporate Social Responsibility Policy, which
date of AGM was present at the AGM of the Company held on August 12, 2016. shall indicate the initiatives to be undertaken by the Company,
recommend the amount of expenditure the Company should
Nomination and Remuneration Committee incur on CSR activities and to monitor from time to time the CSR
activities and Policy of the Company. The Committee provides
The Nomination and Remuneration Committee (NRC) is
guidance in formulation of CSR strategy and its implementation
constituted in accordance with the provisions of Regulation 19
and also reviews practices and principles to foster sustainable
of the Listing Regulations read with Section 178 of the
growth of the Company by creating values consistent with
Companies Act, 2013. The purpose of the NRC is to oversee the
long-term preservation and enhancement of financial,
Companys nomination process for the Senior Management
and specifically to assist the Board in succession planning and manufactured, natural, social, intellectual and human capital.
to identify, screen and review individuals qualified to serve as The Board has approved a Charter for the functioning of the
Executive Directors, Non-Executive Directors and Independent Committee, on March 31, 2015 which was subsequently revised on
Directors consistent with the criteria as stated by the Board
March 2, 2017. The CSR Committee has been renamed as CSR and
in its Policy on appointment and removal of Directors and to
recommend, for approval by the Board, nominees for election Sustainability Committee effective same date.
at the AGM of the shareholders. The Board has adopted the NRC The CSR policy is available on our website at www.tatasteel.com.
Charter for the functioning of the Committee on May 20, 2015.
2 meetings of the Committee were held during the year ended
The Committee also discharges the Boards responsibilities relating March 31, 2017 on April 19, 2016 and February 6, 2017.
to compensation of the Companys Executive Directors and Senior
Management. The Committee has formulated Remuneration Table G: The composition of the Committee and the attendance
Policy for Directors, KMPs and all other employees of the Company. details of the Members are given below:
The remuneration policy and the criteria for making payments
to Non-Executive Directors is available on our website at No. of
Attendance
www.tatasteel.com. The Committee has the overall responsibility Names of Members Category meetings
(%)
attended
of approving and evaluating the compensation plans, policies
and programmes for Executive Directors and the Senior Mr. D. K. Mehrotra NED 2 100
Management. The Committee reviews and recommends to the Mr. O. P. Bhatt ID 2 100
Board, the base salary, incentives/ commission, other benefits, Mr. Koushik Chatterjee ED 2 100
compensation or arrangements and executive employment Mr. T. V. Narendran ED 2 100
agreements for the Executive Directors for its approval. NED Non-Executive Director; ID Independent Director; ED Executive Director
The Committee coordinates and oversees the annual self-
Mr. Ishaat Hussain, Chairman of the Committee was present at the AGM held on
evaluation of the performance of the Board, Committees and of August 12, 2016.
individual Directors.

Risk Management Committee Table I: The composition of the Committee and the attendance
Risk Management is crucial to achieve the Groups objective in
strengthening its financial position, safeguarding interests of No. of
Attendance
stakeholders, enhancing its ability to continue as a going concern Names of Members Category meetings
(%)
and maintain a consistent sustainable growth. attended
Mr. D. K. Mehrotra NED 1 100
The Company has constituted a Risk Management Committee Mr. Ishaat Hussain NED 1 100
(RMC) for framing, implementing and monitoring the Risk Mr. Koushik Chatterjee ED 1 100
Management Policy of the Company. The Committee assists NED Non-Executive Director; ED Executive Director
the Board in fulfilling its oversight responsibility with respect to r. D. K. Mehrotra, Chairman of SRC was present at the AGM of the Company held
M
Enterprise Risk Management (ERM). on August 12, 2016. Also, Mr. Subodh Bhargava ceased to be a Member of the
SRC effective March 29, 2017.
The terms of reference of the Committee are:
In terms of Regulation 6 and Schedule V to the Listing Regulations,
a) Overseeing key risks, including strategic, financial, operational
the Board has appointed Mr. Parvatheesam K, Company Secretary
and compliance risks.
as the Compliance Officer of the Company.
b) Assisting the Board in framing, implementing and monitoring
the risk management plan for the Company and reviewing The details of complaints received and resolved during the
and guiding the Risk Policy. Financial Year ended March 31, 2017 are given in the table below.
c) Developing risk management policy and risk management The complaints relate to non-receipt of annual report, dividend,
system /framework for the Company. share transfers and other investor grievances.
The Board on May 20, 2015 adopted a charter for our RMC Committee.
Table J: Details of complaints received and resolved during the
1 meeting of the Committee was held during the year ended
Financial Year 2016-17
March 31, 2017 on January 13, 2017.
Opening as on April 1, 2016 9
Table H: The composition of the Committee and the attendance Received during the year 128
details of the Members are given below: Resolved during the year 127
Closing as on March 31, 2017 10
No. of
Attendance
(%) Executive Committee of the Board
attended
Mr. O. P. Bhatt ID 1 100 The Executive Committee of the Board (ECOB) approves capital
Mr. Ishaat Hussain NED 1 100 expenditure schemes or any change in their scope if any and
Mr. D .K. Mehrotra NED 1 100 donations within the stipulated limits and recommends to the Board
Mr. Koushik Chatterjee ED 1 100 capital budgets and other major capital schemes and assists the Board
Mr. T. V. Narendran ED 1 100 to consider new businesses, acquisitions, alliances and joint ventures,
Mr. Hans Fischer MoM 1 100
subsidiaries, divestments, changes in organisational structure,
Mr. Anand Sen MoM 1 100
company contracts above 5 years etc. It also periodically reviews
Mr. Sandip Biswas MoM 1 100
Mr. N. K. Misra MoM 1 100 the Companys business plans and future strategies and metrics for
long-term value creation. The Committee also reviews climate change
ID Independent Director; NED Non-Executive Director; ED Executive Director;
matters and regulatory compliance and policy advocacy.
MoM Member of Management.
Mr. Deepak Kapoor, Independent Director was appointed as the Member of the The Board has approved the revised Charter for the functioning of
Committee effective May 16, 2017. the ECOB on March 2, 2017.
Details on risks and opportunities including commodity price 1 meeting of the ECOB was held during the year ended
risks and foreign exchange risks are available in the Management March 31, 2017 on November 9, 2016.
Discussion and Analysis section of this Integrated Report.
Table K: The composition of the Committee and the attendance
Stakeholders Relationship Committee details of the Members are given below:
The Stakeholders Relationship Committee (SRC) considers and No. of

Attendance
resolves the grievances of our shareholders, debenture holders (%)
attended
and other security holders, including complaints relating to
non-receipt of annual report, transfer and transmission of securities, non- Mr. Andrew Robb ID 1 100
receipt of dividends/ interests and such other grievances as may be raised Mr. Koushik Chatterjee ED 1 100
by the security holders from time to time. 1 meeting of the Committee Mr. T. V. Narendran ED 1 100
was held during the year ended March 31, 2017 on February 6, 2017. NED Non-Executive Director; ID Independent Director; ED Executive Director

r. Cyrus P. Mistry and Mr. Nusli N. Wadia ceased to be Members of ECOB

M SHAREHOLDERS
effective December 19, 2016 and December 21, 2016 respectively. Also,
Disclosures regarding the appointment or re-appointment
Mr. N. Chandrasekaran was appointed as Member and Chairman of ECOB
of Directors
effective February 7, 2017.
In terms of the relevant provisions of the Companies Act, 2013,
Ethics and Compliance Committee
Mr. D. K. Mehrotra and Mr. Koushik Chatterjee will retire at the
The Committee, during the year, reviewed and monitored the ensuing AGM and being eligible, seek re-appointment.
implementation of the Tata Code of Conduct and also reviewed
Further, during the year, the Board appointed Mr. N. Chandrasekaran,
the implementation of the Anti-Sexual Harassment Policy of the
Dr. Peter (Petrus) Blauwhoff and Mr. Aman Mehta as Additional
Company and the actions taken thereon. Effective March 2, 2017,
Directors. Further, on April 1, 2017, Mr. Deepak Kapoor was appointed
the Committee has merged and forms part of the Audit Committee.
as an Additional Director. The Board has recommended that
1 meeting of the Committee was held during the year ended the Additional Directors be appointed as Directors, subject to
March 31, 2017 on November 10, 2016. shareholders approval.
The Board recommends above appointments for approval of the
Table L: The composition of the Committee and the attendance
shareholders.
The detailed profiles of the above Directors and particulars of
No. of their experience, skill, or attributes that qualify them for Board
Attendance
(%) Membership are provided in the Notice convening the AGM.
attended
Mr. Andrew Robb ID 1 100
Communication to the shareholders
Mr. Koushik Chatterjee ED 1 100 We send quarterly financial results to our shareholders
Mr. T. V. Narendran ED 1 100 electronically. Key financial data is published in The Indian Express,
NED Non-Executive Director; ID Independent Director; ED Executive Director Financial Express, Nav Shakti, Free Press Journal and Loksatta. The
financial results along with the earnings releases are also posted on
Safety, Health and Environment Committee the Companys website at www.tatasteel.com.
The Safety, Health and Environment Committee (SH&E) of Earnings calls are held with analysts and investors and their audio
the Board oversee the policies relating to Safety, Health and recordings are published on the website. Presentations made to
Environment and their implementation across Tata Steel Group. analysts and others are also made available on the Companys
website at www.tatasteel.com.
The Board has approved a Charter for the functioning of the
Committee on October 27, 2009. All price sensitive information and matters that are material to
shareholders are disclosed to the respective Stock Exchanges where
4 meetings of the Committee were held during the year ended
the securities of the Company are listed. All submissions to the
March 31, 2017 on May 24, 2016, July 7, 2016, November 10, 2016
Exchanges are made through the respective electronic filing systems.
and February 6, 2017.
The Companys website is a comprehensive reference on its
Table M: The composition of the Committee and the leadership, management, vision, mission, policies, corporate
attendance details of the Members are given below: governance, sustainability, investor relations, products and
processes and updates and news. The section on Investors serves
No. of to inform the shareholders, by giving complete financial details,
Attendance
(%) shareholding patterns, corporate benefits, information relating to
attended
Stock Exchanges, Stock Exchange Compliances, details of Registrars
Dr. Peter (Petrus)
ID - - & Transfer Agents and frequently asked questions(FAQs). Investors
Blauwhoff
can also submit their queries and get feedback through online
Mr. T. V. Narendran ED 4 100
interactive forms. The section on Media includes all major press
Mr. Hans Fischer MoM 4 100
reports and releases, awards and campaigns, amongst others.
ID Independent Director; ED Executive Director; MoM - Member of Management
Mr. Jacobus Schraven and Mr. Subodh Bhargava ceased to be Members of the
Investor grievance and share transfer
SH&E Committee effective February 7, 2017 and March 29, 2017. Dr. Peter (Petrus)
Blauwhoff was appointed as Chairman of the Committee effective February 7, We have a Board-level Stakeholder Relationship Committee
2017. Mr. Deepak Kapoor, Independent Director was appointed as the Member
of the Committee effective May 16, 2017.
to examine and redress investors complaints. The status on
complaints and share transfers are reported to the entire Board.

For shares transferred in physical form, the Company provides The Company Secretary in Practice carried out a Reconciliation
adequate notice to the seller before registering the transfer of of Share Capital Audit to reconcile the total admitted capital
shares. For matters regarding share transfer in physical form, with National Securities Depository Limited (NSDL) and
share certificates and dividends amongst others, shareholders Central Depository Services (India) Limited (CDSL) (collectively
should communicate with TSR Darashaw Limited, the Companys Depositories) and the total issued and listed capital. The Audit
Registrars and Transfer Agents (RTA) quoting their folio number or confirms that the total paid-up capital is in agreement with the
Depository Participant ID (DP ID) and Client ID number. aggregate of the total number of shares in physical form and in
dematerialised form (held with Depositories) respectively.
Share transactions in electronic form can be effected in a much
simpler and faster manner. After a confirmation of a sale/
Related Party Transactions
purchase transaction from the broker, shareholders should
approach the DP with a request to debit or credit the account All transactions entered into with related parties as defined
for the transaction. The DP will immediately arrange to complete under the Companies Act, 2013 and Regulation 23 of the Listing
the transaction by updating the account. There is no need for Regulations during the year were on an arms length price basis
a separate communication to the Company to register the and in the ordinary course of business. These have been approved
share transfer. by the Audit Committee. The Company has not entered into any
materially significant transaction that may have potential conflict
Code of conduct with the interests of the Company at large. The Board of Directors
have approved and adopted a Policy on Related Party Transactions
The Company has adopted the Tata Code of Conduct (TCoC)
and the same has been uploaded on the website of the Company
for Executive Directors, Senior Management Personnel
at www.tatasteel.com.
and other Executives, which is available on the website at
www.tatasteel.com. The Company has received confirmations from During the Financial Year 2016-17, the Company did not have any
the Executive Directors as well as Senior Management Personnel material pecuniary relationship or transactions with Non-Executive
regarding compliance of the Code during the year under review. It Directors apart from paying Directors remuneration.
has also adopted the Code of Conduct for Non-Executive Directors
During the year, the Directors have not entered into any contracts
of the Company which is available on the website at www.tatasteel.
with the Company or its subsidiaries, which will be in material
com. The Company has received confirmation from the NEDs
conflict with the interest of the Company.
regarding compliance of the Code for the year under review.
In the preparation of Financial Statements, the Company has
Details of non-compliance followed the Accounting Standards. The significant accounting
policies that are applied have been set out in the Notes to Financial
The Company has complied with the requirements of the Stock
Statements. The Board has received disclosures from KMP relating
Exchanges, Securities and Exchange Board of India (SEBI) and
to material, financial and commercial transactions where they and/
other statutory authorities on all matters relating to capital
or their relatives have personal interest.
markets during the last three years. There has been no instance of
non-compliance with any legal requirements, nor have there been
Policy for Determining Material Subsidiaries
any strictures imposed by any stock exchange or SEBI, on any
matters relating to the capital market over the last three years. None The Company has formulated a Policy for Determining Material
of the Companys listed securities are suspended from trading. Subsidiaries and the same is available on the Companys website
at www.tatasteel.com.
Auditors certificate on corporate governance
Vigil Mechanism
As required by Regulation 34(3) and Schedule V(E) of the Listing
Regulations, the auditors certificate is annexed to this report. The Vigil Mechanism approved by the Board provides a formal
mechanism for all Directors, employees and vendors of the
CEO and CFO certification Company to approach the Ethics Counsellor and/or Chairman
of the Audit Committee of the Company and make protective
As required by Regulation 17(8) read with Schedule II Part B of
disclosures regarding the unethical behaviour, actual or
the Listing Regulations, the CEO and CFO have given appropriate
suspected fraud or violation of the Companys Code of Conduct.
certifications to the Board of Directors.
Under the Policy, every Director, employee or business associates
of the Company has an assured access to the Ethics Counsellor
Reconciliation of Share Capital Audit
and/or Chairman of the Audit Committee. Details of the Vigil
In terms of Regulation 40(9) and 61(4) of the Listing Regulations, Mechanism are given in the Directors Report. The whistle
certificates, on half-yearly basis, have been issued by the Company blower policy is available at the Companys website at
Secretary in practice with respect to due compliance of share and www.tatasteel.com.
security transfer formalities by the Company.

GENERAL BODY MEETINGS

Table N: Location and time, where last three AGMs were held
Financial Year Ended Date Time Venue Special Resolution Passed
Birla Matushri Issue of Non-Convertible Debentures on Private
March 31, 2016 August 12, 2016
Sabhagar, Placement basis not exceeding `10,000 crore
Further issuance of securities not exceeding
March 31, 2015 August 12, 2015 3:00 p.m.(IST) 19, Sir Vithaldas
Thackersey Marg, `10,000 crore
March 31, 2014 August 14, 2014 Mumbai-400 020. None
No Special Resolution was passed by the Company during the Financial Year 2016-17 through Postal Ballot. None of the business proposed
to be transacted at the ensuing AGM require passing a Special Resolution through Postal Ballot.
Table O: Annual General Meeting 2017
Date August 8, 2017

Time 3:00 p.m. IST
Venue Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai-400 020.
Financial Year April 1 to March 31
Book Closure Dates July 22, 2017 to August 8, 2017 (both days inclusive)
Dividend Payment Date On and from August 10, 2017
Dematerialisation of shares and liquidity Investor Awareness

The Companys Ordinary Shares are tradable compulsorily in As part of good governance we have provided subscription
electronic form. We have established connectivity with both the facilities to our investors for IR alerts regarding press release,
depositories, i.e., NSDL and CDSL. The International Securities results, webcasts, analyst meets and presentations amongst others.
Identification Number (ISIN) allotted to the shares under the We also provide investors facility to write queries regarding their
Depository System is INE081A01012. rights and shareholdings and have provided details of persons
to be contacted for this purpose. We encourage investors to visit
The Company has 94,17,07,406 Ordinary Shares representing
our website for reading the documents and for availing the above
96.96% of the Companys share capital which is dematerialised as
facilities at www.tatasteel.com.
on March 31, 2017. To enable us to serve our shareholders better,
we request our shareholders whose shares are in physical mode to Legal proceedings
dematerialise shares and to update their bank accounts and email
There are certain pending cases related to disputes over title to
ids with their respective DPs.
shares in which we had been made a party. However, these cases
Designated e-mail address for investor services are not material in nature.
To serve the investors better and as required under Regulation Share Transfer System
46(2)(j) in the Listing Regulations, the designated e-mail address
Share Transfers in physical form can be lodged with TSR Darashaw
for investor complaints is cosec@tatasteel.com. The email address
Limited. The transfers are normally processed within 15 days from
of grievance redressal division is continuously monitored by the
the date of receipt if the documents are complete in all respects.
Companys compliance officer.
Table P: Distribution of Shareholding of Ordinary Shares
Total No. of Shareholders % to total holders Total No. of Shares % to total capital
Shareholding as on March 31 as on March 31 as on March 31 as on March 31
2017 2016 2017 2016 2017 2016 2017 2016
1 25,545 25,127 3.02 2.59 25,545 25,127 0.00 0.00
2-10 1,16,936 1,25,967 13.85 13.00 8,09,461 8,83,711 0.08 0.09
11-50 2,58,030 2,94, 591 30.56 30.39 77,96,201 90,04,541 0.80 0.93
51-100 1,40,993 1,66,113 16.70 17.14 1,13,09,854 1,34,29,827 1.17 1.38
101-200 1,38,784 1,61,256 16.43 16.64 2,05,85,912 2,40,89,137 2.12 2.48
201-500 97,576 1,16,684 11.55 12.04 3,07,73,602 3,71,04,049 3.17 3.82
501-1,000 35,088 42,349 4.16 4.37 2,52,36,294 3,06,00,684 2.60 3.15
1,001-5,000 26,908 32,016 3.19 3.30 5,35,08,710 6,36,65,151 5.51 6.56
5,001-10,000 2,639 3,030 0.31 0.31 1,83,57,019 2,10,01,663 1.89 2.16
10,001-1,00,000 1,658 1,886 0.20 0.19 3,90,11,303 4,29,08,055 4.02 4.42
1,00,001 and above 272 244 0.03 0.03 76,38,01,538 72,85,03,494 78.64 75.01
Total 8,44,429 9,69,263 100.00 100.00 97,12,15,439 97,12,15,439 100.00 100.00

Transfer of Unclaimed Dividend to Investor Education and Any person whose unclaimed dividend and shares pertaining
Protection Fund thereto, matured deposits, matured debentures, application money
due for refund, or interest thereon, sale proceeds of fractional shares,
Pursuant to the provisions of the Companies Act, 2013 read with
redemption proceeds of preference shares, amongst others has
Investor Education Protection Fund Authority (Accounting, Audit,
been transferred to the IEPF Fund can claim their due amount from
Transfer and Refund) Rules, 2016 as amended (the Rules), the shares
the IEPF Authority by making an electronic application in e-form
pertaining to which dividend remains unclaimed/ unpaid for a period
IEPF-5. Upon submitting duly completed form, shareholders are
of seven years from the date of transfer to the unpaid dividend account
required to take print of the same and send physical copy duly
is mandatorily required to be transferred to the Investor Education
signed along with requisite documents as specified in the form
and Protection Fund (IEPF) established by the Central Government.
to the attention of the Company Secretary (Nodal Officer), at the
We have sent individual communication to the concerned Registered Office. The e-form can be downloaded from our website
shareholders at their registered address, whose dividend remains at www.tatasteel.com and simultaneously from the website of
unclaimed and whose shares are liable to be transferred to the IEPF Ministry of Corporate Affairs at www.iepf.gov.in.
by May 31, 2017.
Table Q: The status of dividend remaining unclaimed is given hereunder

Whether it can be
Unclaimed Dividend Status Can be claimed from Action to be taken
claimed
Claim to be forwarded
in prescribed Form No.
Office of Registrar of
II of the Companies
Companies, Central
Transferred to the General Unpaid Dividend
Up to and including the Government Office Building,
Revenue Account of the Yes (Transfer to General
Financial Year 1996-97 A Wing, 2nd Floor, Next to
Central Government Revenue Account
Reserve Bank of India, CBD,
of the Central
Belapur-400 614
Government) Rules,
1978
IEPF Authority to pay
Submit e-form IEPF 5 to the claim amount to
the Registered Office of the the shareholder based
For the Financial Years Transferred to the IEPF of Company addressed to the on the verification
Yes
1997-98 to 2008-09 the Central Government Company Secretary (Nodal report submitted by
Officer) along with complete the Company and the
documents. documents submitted
by the investor.
TSR Darashaw Limited,
For the Financial Years Amount lying in respective
Yes Registrars and Transfer Letter on plain paper
2009-10 to 2015-16 Unpaid Dividend Accounts
Agents
The Company has hosted on its website the details of the unclaimed dividend/ interest/ principal amounts for the Financial Year 2015-16 as
per the Notification No. G S R 352 (E) dated May 10, 2012 of Ministry of Corporate Affairs (as per Section 124 of the Companies Act, 2013).
Table R: Details of date of declaration & due date for transfer to IEPF
Year Dividend Per Share (`) Date of Declaration Due date for Transfer to IEPF
2010 8 August 13, 2010 September 17, 2017
Shareholders are requested to get in touch with the RTA for encashing the unclaimed dividend/interest/principal amount, if any, standing
to the credit of their account.

Nomination Facility In case of holdings in physical form, by informing the

Companys RTA i.e., TSR Darashaw Limited, through a signed
Shareholders whose shares are in physical form and wish to make/
request letter with details such as their Folio No(s), Name and
change a nomination in respect of their shares in the Company,
Branch of the Bank in which they wish to receive the dividend,
as permitted under Section 72 of the Companies Act, 2013, may
the Bank Account type, Bank Account Number allotted by
submit to RTA the prescribed Forms SH-13/SH-14. The Nomination
their banks after implementation of Core Banking Solutions
Form can be downloaded from the Companys website at
(CBS) the 9 digit MICR Code Number and the 11 digit IFSC
www.tatasteel.com.
Code. This letter should be supported by cancelled cheque
bearing the name of the first shareholder.
Shares held in Electronic Form
Shareholders holding shares in electronic form may please note Listing on Stock Exchanges
that instructions regarding change of address, bank details, email
The Companys Ordinary shares are listed on BSE Limited and
ids, nomination and power of attorney should be given directly to
National Stock Exchange of India Limited in India. The annual
the DP.
Listing fee has been paid to the respective stock exchanges.
Shares held in Physical Form
Table S: ISIN details
Shareholders holding shares in physical form may please note
that instructions regarding change of address, bank details, email Stock Exchanges ISIN Stock Code
ids, nomination and power of attorney should be given to the BSE Limited (BSE)
Companys RTA i.e., TSR Darashaw Limited. Phiroze Jeejeebhoy Towers,
Dalal Street, INE081A01012 500470
Mumbai - 400 001,
Updation of bank details for remittance of dividend/cash Maharashtra, India
benefits in electronic form
National Stock Exchange of
Securities and Exchange Board of India vide its Circular No. India Limited (NSE)
CIR/MRD/DP/10/2013 dated March 21, 2013 (Circular) to all Exchange Plaza, 5th Floor,
listed companies requires them to update bank details of their Plot No. C/1, G Block, INE081A01012 TATASTEEL
shareholders holding shares in demat mode and/or physical form, Bandra-Kurla Complex,
Bandra(E), Mumbai - 400 051,
to enable usage of the electronic mode of remittance i.e., National
Maharashtra, India
Automated Clearing House (NACH) and National Electronic
Fund Transfer (NEFT), for distributing dividends and other cash
Table T: International Listings of securities issued by the
benefits to the shareholders.
Company are as under:
The Circular further states that in cases where either the bank
Global Depository Receipts (GDRs)
details such as Magnetic Ink Character Recognition (MICR) and
Indian Financial System Code (IFSC), amongst others, that are GDRs 1994 2009
required for making electronic payment are not available or the ISIN US87656Y1091 US87656Y4061
electronic payment instructions have failed or have been rejected Luxembourg Stock
by the bank, companies or their Registrars and Transfer Agents may Listed on London Stock Exchange
Exchange
use physical payment instruments for making cash payments to
the investors. Companies shall mandatorily print the bank account
Table U(i): Perpetual Hybrid Securities in the form of
details of the investors on such payment instruments.
Non-Convertible Debentures are listed on the Wholesale Debt
Regulation 12 of the Listing Regulations allows the Company to pay Market segments of the Stock Exchanges as under:
dividend by cheque or payable at par warrants where payment by
electronic mode is not possible. Shareholders to note that payment Rate (%) 11.80 11.50
of dividend and other cash benefits through electronic mode has ISIN INE081A08165 INE081A08173
many advantages like prompt credit, elimination of fraudulent Principal Amount
1,500.00 775.00
encashment/delay in transit and more. They are requested to opt (` crore)
for any of the above mentioned electronic modes of payment of Date of Maturity Perpetual Perpetual
dividend and other cash benefits and update their bank details: Listed on NSE & BSE NSE
In case of holdings in dematerialised form, by contacting
their DP and giving suitable instructions to update the bank
details in their demat account.

Table U(ii): Unsecured Redeemable Non-Convertible Debentures (NCDs) are listed on the Wholesale Debt Market segment of the
Stock Exchanges as under:
(` crore)
Maturity
Coupon Rate (%) ISIN Principal Amount
Amount Date
9.15 INE081A08199 500.00 500.00 January 24, 2019
10.40 INE081A08124 650.90 650.90 May15, 2019
11.00 INE081A08132 1,500.00 1,500.00 May 19, 2019
9.15 INE081A08207 500.00 500.00 January 24, 2021
2.00 INE081A08181 1,500.00 1,500.00 April 23, 2022
8.15 INE081A08215 1,000.00 1,000.00 October 01, 2026
166.67 December 22, 2028
10.25 INE081A08140 500.00 166.67 December 22, 2029
166.66 December 22, 2030
833.34 January 06, 2029
10.25 INE081A08157 2,500.00 833.33 January 06, 2030
833.33 January 06, 2031
Market Information
Table V: Market Price Data- High, Low (based on the closing prices) and volume during each month in last Financial Year.
BSE Limited National Stock Exchange of India Limited

Month Volume Volume
High (`) Low (`) High (`) Low (`)
(No. of shares) (No. of shares)
April 2016 358.40 312.10 2,25,36,945 358.60 312.30 16,25,90,077
May 2016 348.45 313.60 1,87,27,394 348.90 313.55 13,82,10,590
June 2016 342.85 310.35 1,84,07,288 342.60 310.50 13,25,06,414
July 2016 372.85 317.65 2,21,46,559 372.90 317.70 15,96,65,692
August 2016 392.30 357.60 1,96,48,346 392.15 358.05 13,64,09,397
September 2016 402.90 359.05 1,97,94,051 403.00 358.85 12,88,23,857
October 2016 428.45 382.85 1,74,30,076 428.55 382.85 13,49,99,113
November 2016 436.85 371.55 1,78,51,834 437.00 371.45 13,64,08,162
December 2016 431.55 380.45 1,19,96,421 431.30 380.10 8,35,12,992
January 2017 469.25 403.15 1,70,17,427 469.50 403.30 10,76,02,802
February 2017 490.60 459.90 1,44,59,427 490.95 459.85 10,57,55,616
March 2017 502.05 467.80 1,38,94,316 502.20 467.75 11,18,81,061
Yearly 502.05 310.35 21,39,10,084 502.20 310.50 1,53,83,65,773
Tata Steel Share Price versus BSE Sensex/NIFTY

550 30,000 500 9,500
9,300
500 29,000
450 9,100
450 28,000 8,900
400 8,700
400 27,000 8,500
350 8,300
350 26,000 8,100
300 7,900
300 25,000
7,700
250 24,000 250 7,500
Apr-16
May-16
Jun-16
Jun-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec16
Jan17
Feb17
Mar17
Apr-16
May-16
Jun-16
Jun-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec16
Jan17
Feb17
Mar17
Tata Steel Share Price (LHS) BSE Sensex (RHS) Tata Steel Share Price (LHS) Nifty (RHS)
The Companys shares are regularly traded on BSE Limited and National Stock Exchange of India Limited, as is seen from the volume of
shares indicated in the Table containing Market Information.

COMPLIANCE OF REGULATION 39(4) AND SCHEDULE VI OF THE LISTING REGULATIONS

Table W: As per Regulation 39(4) and Schedule VI of the Listing Regulations, the details of shares in the suspense accounts of Link
Intime India Pvt. Ltd., Registrars to the Issues are given in the table below:
Shareholders who approached the
Balance as on
As on April 1, 2016 Registrars and Shares transferred
March 31, 2017
Issues Securities in their favour during the year
No. of No. of No. of No. of No. of No. of
records shares records shares records shares
Rights Issue 2007 Ordinary 124 2,980 2 32 122 2,977*
Follow-on Public Issue 2011 Shares 5 271 0 0 5 271
*This includes 29 shares, which have been wrongly credited to this account and the same was reversed in April 2017.
The voting rights in respect of the balance shares in the suspense guidelines of SEBI as applicable to the Company. The Secretarial
accounts will be frozen, in the event of a poll at the Companys Audit Report forms part of the Directors Report.
general meetings.
Green Initiative
Outstanding GDRs of 1,55,10,420 Shares (31.03.2016: 2,25,14,584)
of face value of `10 per share represent the shares underlying GDRs As a responsible corporate citizen, the Company welcomes
which were issued during 1994 and 2010. Each GDR represents one and supports the Green Initiative undertaken by the Ministry
underlying Ordinary Share. of Corporate Affairs, Government of India, enabling electronic
delivery of documents including the Integrated Report, quarterly
Secretarial Audit and half-yearly results, amongst others, to shareholders at their
e-mail address previously registered with the DPs and RTAs.
The Board appointed Parikh and Associates, Practising Company
Secretaries Firm, to conduct secretarial audit of its records and Shareholders who have not registered their e-mail addresses so
documents. The secretarial audit report confirms that the Company far are requested to do the same. Those holding shares in demat
has complied with all applicable provisions of the Companies form can register their e-mail address with their concerned DPs.
Act 2013, Depositories Act, 1996, SEBI (Listing Obligations and Shareholders who hold shares in physical form are requested to
Disclosure Requirements) Regulations, 2015, SEBI (Prohibition of register their e-mail addresses with the RTA, by sending a letter,
Insider Trading) Regulations, 2015 and all other regulations and duly signed by the first / sole holder quoting details of Folio No.
Major Plant Locations

Tata Steel Kalinganagar Plant Tata Steel Tubes Division Wire Division, Indore
Tata Steel Limited Tubes Division Indore - Tata Steel Limited
Kalinganagar Industrial Complex Tata Steel Limited Wire Division
Duburi, Dist.Jajpur, Odisha-755026 P.O. Burma Mines, Jamshedpur-831 007 Plot 14/15/16 & 32 Industrial Estate
Laxmibai Nagar, Fort Indore,
Tata Steel Jamshedpur Plant
Joda East Iron Mine Madhya Pradesh-452 006
Tata Steel Limited
Joda Central Organisation
P.O. Bistupur, Jamshedpur-831001
Tata Steel Limited, Joda, Wire Division, Pithampur
Dist. Keonjhar, Odisha-758 034 Pithampur Wire Division
Tata Steel CRM Complex, Bara
Plot 158 & 158A, Sector III,
Tata Steel Limited
Cold Rolling Complex (West) Industrial Estate, Pithampur,
P.O. Agrico, P.S. Sidhgora,
Tata Steel Cold Rolling Mill Complex Madhya Pradesh-454 774
Jamshedpur-831 009
Plot No S 76, Tarapur MIDC,
P.O. Boisar, Dist. Palghar-401 506 Bearings Division
Tata Steel Growth Shop
Tata Steel Limited
Tata Steel Limited
Wire Division, Tarapur P.O. Rakha Jungle
Adityapur Industrial Estate,
Tata Steel Limited Wire Division Nimpura Industrial Estate
P.O. Gamharia, Dist. Seraikela-Kharsawan,
Plot F8 & A6, Tarapur MIDC, Kharagpur, West Bengal-721 301
Pin-832 108
P.O. Boisar, Dist. Palghar-401 506

Chromite Mine, Sukinda Investor Contact National Stock Exchange of India Limited
Tata Steel Limited-Sukinda Exchange Plaza, Plot No. C/1,
Registered Office:
Chromite Mine G Block Bandra-Kurla Complex,
Tata Steel Limited
P.O. Kalarangiatta, Dist. Jajpur, Bandra (E), Mumbai-400 051.
Bombay House, 24, Homi Mody Street,
Odisha-755 028 Tel.: +91 22 2659 8100
Fort, Mumbai-400 001.
Fax: +91 22 2659 8120
Tel.: +91 22 6665 8282
Noamundi Iron Mine Website: www.nseindia.com
Fax: +91 22 6665 7724
Tata Steel Limited
E-mail: cosec@tatasteel.com
West Singhbhum, Noamundi, Luxembourg Stock Exchange
Website: www.tatasteel.com
Jharkhand-833 217 35A Boulevard Joseph II
Corporate Identity Number -
L-1840 Luxembourg,
L27100MH1907PLC000260
Ferro Alloys Plant Website: www.bourse.lu
Tata Steel Limited Tel: (+352) 4779361
Name, Designation & Address of
P.O. Bamnipal, Dist. Keonjhar,
Compliance Officer
Odisha-758 082 London Stock Exchange
Mr. Parvatheesam K, Company Secretary
10 Paternoster Square,
Joda West Manganese Mines Bombay House, 24, Homi Mody Street,
London - EC4M 7LS
Tata Steel Limited Fort, Mumbai-400 001.
Tel: (+44) 20 7797 4400
P.O. Bichakundi, Joda, Dist. Keonjhar, Tel.: +91 22 6665 7279
Website: www.londonstockexchange.com
Odisha-758 034 Fax: +91 22 6665 7724
E-mail: cosec@tatasteel.com
Depository Services
Bamebari Manganese Mines
Tata Steel Limited Name, Designation & Address of National Securities Depository Limited
P.O. Bamebari, Via: Joda, Dist. Keonjhar, Investor Relations Officer Trade World, A Wing, 4th & 5th Floors,
Odisha-758 086 Kamala Mills Compound,
Mr. Kiran Kanchinadham,
Lower Parel, Mumbai-400 013.
Senior Manager - Investor Relations
Gomardih Dolomite Quarry Tel.: +91 22 2499 4200
One Forbes, 1, Dr. V. B. Gandhi Marg, Fort,
Tata Steel Limited Fax: +91 22 2497 6351
Mumbai-400 001.
P.O. Tunmura, Dist. Sundergarh, E-mail: info@nsdl.co.in
Tel.: +91 22 6665 0530
Odisha-770 070 Website: www.nsdl.co.in
Fax: +91 22 6665 0598
E-mail: kiran.kanchinadham@tatasteel.com
Jharia Division Central Depository Services (I) Ltd
Tata Steel Limited Phiroze Jeejeebhoy Towers, 17th Floor,
Registrar and Transfer Agents:
Jamadoba, Dhanbad, Dalal Street, Mumbai-400 001.
Jharkhand-828 112 TSR Darashaw Limited Tel.: +91 22 2272 8427/ 8658
Unit: Tata Steel Limited, Toll free: 1800-200-5533
West Bokaro Division
6-10, Haji Moosa Patrawala Industrial Estate, Fax: +91 22 2272 3199
Tata Steel Limited
Nr. Famous Studio, 20, Dr. E Moses Road, E-mail: helpdesk@cdslindia.com,
Ghatotand, Dist. Ramgarh,
Mahalaxmi, Mumbai-400 011. complaints@cdslindia.com
Jharkhand-825 314
Contact Person: Ms. Mary George Website: www.cdslindia.com
Hooghly Met Coke Division Tel.: +91 22 6656 8484/ 8411/ 8412/ 8413
Tata Steel Limited Fax: +91 22 6656 8494 Debenture Trustee:
Patikhali, Haldia, Purba, Timings: Monday to Friday, IDBI Trusteeship Services Limited
Medinipur, West Bengal-721 606 10.00 a.m. to 3. 30 p.m. Asian Building, Ground Floor,
E-mail: csg-unit@tsrdarashaw.com 17, R. Kamani Marg, Ballard Estate
Ferro Alloy Plant, Joda
Website: www.tsrdarashaw.com Mumbai-400 001.
Tata Steel Limited - Joda
Tel.: +91 22 4080 7000
Dist. Keonjhar, Odisha - 758 034
Stock Exchanges Fax: +91 22 6631 1776
E-mail: itsl@idbitrustee.com
Ferro Chrome Plant BSE Limited
Website: www.idbitrustee.com
Tata Steel Limited Gopalpur Project Phiroze Jeejeebhoy Towers,
PO Chamakhandi, Chatrapur Tahsil Dalal Street, Mumbai-400 001.
Dist. Ganjam, Odisha 761020 Tel.: +91 22 2272 1233
Fax: +91 22 2272 1919
Website: www.bseindia.com

DETAILS OF CORPORATE POLICIES
Particulars Website details / links
Dividend Distribution Policy http://www.tatasteel.com/corporate/pdf/Dividend%20Policy%20Final.pdf
Corporate Social Responsibility Policy http://www.tatasteel.com/corporate/pdf/CSR-Policy.pdf

Composition and Profile of the Board of
http://www.tatasteel.com/corporate/management/board-of-directors.asp
Directors
Terms and Conditions of appointment of http://www.tatasteel.com/investors/pdf/terms-and-conditions-of-appointment-of-
Independent Directors independent-directors.pdf
Policy on Appointment and Removal of http://www.tatasteel.com/corporate/pdf/Policy-on-Appointment-and-Removal-of-
Directors Directors.pdf
Familiarization Programme for Independent
http://www.tatasteel.com/investors/pdf/Familiarization%20Programme%202017.pdf
Directors
Remuneration policy of Directors, KMPs &
http://www.tatasteel.com/corporate/pdf/Remuneration-Policy-of-Directors-etc.pdf
other Employees
Tata Code of Conduct http://www.tatasteel.com/corporate/pdf/TCOC.pdf
Criteria for making payments to Non- http://www.tatasteel.com/investors/pdf/criteria-of-making-payments-to-non-executive-
Executive Directors directors.pdf
Code of Conduct for Non-Executive Directors http://www.tatasteel.com/investors/pdf/TCOC-non-executive-directors.pdf
http://www.tatasteel.com/corporate/pdf/Revised-Policy-on-Related-Party-
Policy on Related Party Transactions
transactions_4.2.16.pdf
http://www.tatasteel.com/corporate/pdf/Revised-Policy-on-determining-Material-
Policy on determining Material Subsidiaries
Subsidiaries_4.2.16.pdf
Whistle Blower Policy http://www.tatasteel.com/corporate/ethics/vigil-mechanism.pdf
Code of Corporate Disclosure Practices http://www.tatasteel.com/corporate/pdf/code-of-corporate-disclosure-practices.pdf

Policy on determination of Materiality for
http://www.tatasteel.com/corporate/pdf/Tata-Steel-Materiality-Policy.pdf
Disclosure(s)
Document Retention and Archival Policy http://www.tatasteel.com/corporate/pdf/Tata-Steel-Document-Retention-Policy.pdf
Prevention of Sexual Harassment (POSH) at
www.tatasteelindia.com/corporate/pdf/posh-policy.pdf
Workplace Policy

CORPORATE GOVERNANCE REPORT / PARTICULARS OF REMUNERATION
INDEPENDENT AUDITORS CERTIFICATE ON CORPORATE GOVERNANCE
To 6. We have complied with the relevant applicable requirements

The Members of of the Standard on Quality Control (SQC) 1, Quality Control
Tata Steel Limited for Firms that Perform Audits and Reviews of Historical
Financial Information, and Other Assurance and Related
1. We, Deloitte Haskins & Sells LLP, Chartered Accountants, the
Services Engagements.
Statutory Auditors of Tata Steel Limited (the Company),
have examined the compliance of conditions of Corporate
Opinion
Governance by the Company, for the year ended on 31 March
2017, as stipulated in regulations 17 to 27 and clauses (b) 7.
Based on our examination of the relevant records and
to (i) of regulation 46(2) and para C and D of schedule V of according to the information and explanations provided to
the SEBI (Listing Obligations and Disclosure Requirements) us and the representations provided by the Management, we
Regulations, 2015 (the Listing Regulations). certify that the Company has complied with the conditions
of Corporate Governance as stipulated in regulations 17 to 27
Managements Responsibility and clauses (b) to (i) of regulation 46(2) and para C and D of
Schedule V of the Listing Regulations during the year ended
2. The compliance of conditions of Corporate Governance is
March 31, 2017.
the responsibility of the Management. This responsibility
includes the design, implementation and maintenance of 8. We state that such compliance is neither an assurance as
internal control and procedures to ensure the compliance to the future viability of the Company nor the efficiency or
with the conditions of the Corporate Governance stipulated effectiveness with which the Management has conducted
in Listing Regulations. the affairs of the Company.
Auditors Responsibility
For DELOITTE HASKINS & SELLS LLP
3. Our responsibility is limited to examining the procedures
Chartered Accountants
and implementation thereof, adopted by the Company for
Registration No.: 117366W/W-100018
ensuring compliance with the conditions of the Corporate
Governance. It is neither an audit nor an expression of
opinion on the financial statements of the Company.
sd/-
4. We have examined the books of account and other relevant N. VENKATRAM
records and documents maintained by the Company for Partner
the purposes of providing reasonable assurance on the Membership No.: 71387
compliance with Corporate governance requirements by the
Company.
Mumbai,
5. We have carried out an examination of the relevant records May 16, 2017
of the Company in accordance with the Guidance Note
on Certification of Corporate Governance issued by the
Institute of the Chartered Accountants of India (the ICAI), the
Standards on Auditing specified under Section 143(10) of the
Companies Act 2013, in so far as applicable for the purpose
of this certificate and as per the Guidance Note on Reports
or Certificates for Special Purposes issued by the ICAI which
requires that we comply with the ethical requirements of the
Code of Ethics issued by the ICAI.

ANNEXURE 5
Information pursuant to Section 197(12) of the Companies Act, 2013
[Read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]
Ratio of the remuneration of each Director/KMP to the median remuneration of all the employees of the Company for the
financial year:
Median remuneration of all the employees of the Company for the Financial Year 2016-17 `8,69,461
The percentage increase in the median remuneration of employees in the Financial Year 10.45%
The number of permanent employees on the rolls of Company as on March 31, 2017 34,989
(`lakh)
Ratio of remuneration
Remuneration for Financial Year
% increase in to median
Name of Director
remuneration remuneration
2016-17 2015-16
of all employees
Mr. N. Chandrasekaran (1) 0.80 - * *
Mr. Cyrus P. Mistry (2) 4.80 6.40 * *
Mr. Ishaat Hussain 130.20 117.10 11.19 14.97
Mr. D. K. Mehrotra 75.20 54.10 39.00 8.65
Mr. Nusli N. Wadia (3) 4.40 113.50 * *
Mr. Jacobus Schraven(4) 75.60 64.40 17.39 8.69
Mr. Subodh Bhargava (5) 120.20 113.20 6.18 13.82
Ms. Mallika Srinivasan 93.60 52.60 77.95 10.77
Mr. O. P. Bhatt 129.60 111.30 16.44 14.91
Mr. Andrew Robb 77.70 68.60 13.27 8.94
Dr. Peter (Petrus) Blauwhoff (6) 25.40 - - -
Executive Directors/ KMP
Mr. Koushik Chatterjee 809.91 735.84 10.06 93.15
Mr. T. V. Narendran 817.31 730.57 11.87 94.00
Mr. Parvatheesam K. 153.47 122.80 24.98 17.65
*Since the remuneration of these Directors is only for part of the year, the ratio of their remuneration to median remuneration is not comparable and hence increase in
remuneration is not stated.
Notes:
(1) Mr. N. Chandrasekaran was appointed as Additional (Non-Executive) Director effective January 13, 2017 and as Chairman of the Board of Directors effective
February 7, 2017. Mr. Chandrasekaran being the Executive Chairman of Tata Sons Limited has not accepted any commission from the Company.
(2) Mr. Cyrus P. Mistry ceased to be a Member of the Board effective December 19, 2016.
(3) Mr. Nusli N. Wadia through a shareholder vote ceased to be the Member of the Board effective December 21, 2016. Given that Mr. Wadia ceased to be a director
by way of shareholder vote, the Board of Directors did not recommend any commission for Mr. Wadia.
(4) Mr. Jacobus Schraven retired as Member of the Board effective February 7, 2017.
(5) Mr. Subodh Bhargava retired as Member of the Board effective March 29, 2017.
(6) Dr. Peter (Petrus) Blauwhoff was appointed as Additional (Independent) Director effective February 7, 2017.
During the year, the average percentage increase in salary of the Companys employees, excluding the Key Managerial Personnel (KMP)
was 6.60%. The total remuneration of the KMPs for the Financial Year 2016-17 was `1,780.69 lakh as against `1,589 lakhs during the previous
year. The percentage increase in remuneration during the Financial Year 2016-17 to Mr. T.V. Narendran, Managing Director was 11.87%, to
Mr. Koushik Chatterjee, Group Executive Director (Finance, Corporate & Europe) was 10.06% and to Mr. Parvatheesam K, Company Secretary
was 24.98%. During the year, there has been no exceptional increase in remuneration for the KMPs.
Remuneration is as per the remuneration policy of the Company.

On behalf of the Board of Directors
sd/-
N. Chandrasekaran
Mumbai Chairman
May 16, 2017 DIN: 00121863

Statement of Disclosure pursuant to Section 197 of the Companies Act, 2013.
124
[Read with Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
A. NAMES OF TOP 10 EMPLOYEES IN TERMS OF REMUNERATION DRAWN DURING THE FINANCIAL YEAR 2016-17
Date of
Sl. Remuneration Experience Age Last
Name Designation Qualification Commencement
No (`) (Years) (Years) employment
of Employment
1 Koushik Chatterjee Group Executive Director (Finance, Corporate & Europe) 8,03,28,393 B.Com. (Hons), FCA 21 13-11-1995 48 Tata Sons Ltd.
2 T. V. Narendran Managing Director (India and South East Asia) 7,95,83,326 B.E., PGDM 26 01-07-1988 51 -
B.Tech (Hons), Met.
3 Anand Sen President (TQM & Steel Business) 3,83,34,889 35 27-07-1981 57 -
Engg., PGDM
M.Sc., Diploma in
4 Suresh Dutt Tripathi Vice President (Human Resource Management) 3,39,07,344 33 18-10-2012 56 SRF
Social Welfare
B.Com.(Hons), ACA, First India Asset
5 Sandip Biswas Group Executive Vice President (Finance) 2,98,39,141 24 01-04-2005 49
ACS Management Co. (P) Ltd.
6 Rajesh Ranjan Jha Vice President (Engineering & Projects) 2,20,75,936 B.E, PGDBM 26 02-07-1990 47 Tata Projects Ltd
7 Sunil Bhaskaran Vice President (Corporate Services) 2,14,84,166 B.Tech., PGDM 32 01-07-1987 52 Tata International
8 R Ranganath Vice President (Finance India & SE Asia) 2,13,47,609 B.Sc, ACA 33 16-05-2013 57 Cairn India Ltd.
9 Rajiv Kumar Vice President (Operation - TSK) 2,12,79,852 B.Sc. (Engg) 26 01-10-1990 49 -
10 Binod Kumar Das Vice President (Iron Making) 2,02,10,180 M.Tech 37 01-08-1980 59 -
B. NAMES OF OTHER EMPLOYEES WHO ARE IN RECEIPT OF AGGREGATE REMUNERATION NOT LESS THAN RUPEES ONE CRORE
AND TWO LAKH DURING THE FINANCIAL YEAR 2016-17
INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR

Date of
Sl. Experience Age Last
Designation Remuneration Qualification Commencement
No Name (`) (Years) (Years) employment
of Employment
1 A. D. Kothari Chief (Project Coke, Sinter & Iron) 1,06,74,346 B.Tech. 25 01-07-1991 48
2 Amit Kumar Chatterjee Chief (Electrical Maintenance) 1,15,34,725 B.E. 29 27-07-1987 54 -
3 Amitava Baksi Chief (Procurement Officer) 1,12,48,702 B.Sc. (Engg) 30 30-06-1986 53 -
4 Anup Sahay Chief (Corporate Strategy & Planning) 1,27,28,201 B.A. (Hons), PGDM 30 01-07-1986 55 S B Billimoria & Co
5 Arun Misra Vice President (Gopalpur Project) 1,91,45,364 B.Tech 28 01-07-1988 51 -
6 Ashok Kumar Chief (Technology Officer, Process) 1,38,39,770 B.Tech 32 01-07-1984 55 -
7 Avneesh Gupta Principal Executive Officer 1,26,87,095 B.Tech, PGDM 30 01-07-1986 53 -
8 Ch. Ramesh Babu Chief (Design & Engineering-Process) 1,11,46,743 B.E. 32 24-12-2012 52 AEGIS Ltd
9 Chanakya Chaudhary GD (Corporate Comm. & Regulatory Affairs) 1,80,10,698 B.E. 28 16-12-1988 52 -
10 Debashis Das Chief (Manufacturing, Long Product) 1,20,27,064 B.Tech 34 02-08-1982 57 -
11 Dibyendu Bose Group Director (Investments & New Ventures) 2,00,50,911 B.Tech, PGDM 28 01-07-1988 55 Tisco Collieries
12 Dibyendu Dutta Group Head (M&A and Treasury) 1,15,06,619 B.Com, FCA, ACWA 23 16-04-2009 50 Indian Hotels Co. Ltd.
13 Dipali Talwar Group General Counsel 1,46,06,484 B.A, LL.M 22 30-06-2014 47 Pfizer Inc.
14 Dwarika Nand Jha GM (Design & Engineering, KLNR & Gr Shp) 1,59,33,209 B.Sc. (Engg), PGDM 36 01-08-1980 57 -
15 Gopal Prasad Choudhary Chief (Security) 1,41,28,934 B.A. (Hons), LLB 28 01-01-2013 53 WIPRO
16 Manish Sharma Principal Executive Officer (Corporate) 1,16,14,894 B. Tech, PGDM 25 25-08-1991 52 -
PARTICULARS OF REMUNERATION
Date of
Sl. Experience Age Last
Designation Remuneration Qualification Commencement
No Name (`) (Years) (Years) employment
of Employment
17 Meena Lall Chief (Legal & Compliance) 1,02,47,557 B.Sc., LLB 27 10-01-1990 52 -
18 Nirbhay Singh Salar Chief (Project Planning) 1,04,03,737 B.E., M.Tech 26 01-07-2013 50 CGPL (Tata Power)
REPORT
19 P K Ghose Chief (Projects, Jamshedpur) 1,37,14,881 B.Tech 25 01-07-1991 47 -

INTEGRATED
Pipavav Defence & Offshore

20 Parthasarathi Mishra Chief (HRM, OM&Q) 1,08,13,795 M.A., LLB 22 02-09-2013 52 Engineering Co. Ltd.
Com (Hons), ACS,

21 Parvatheesam Company Secretary 1,47,98,706 B. 17 12-01-2015 41 Infosys Limited
Kanchinadham LLB, MBA
22 Peeyush Gupta Vice President (Steel Marketing & Sales) 1,74,56,030 B.E, MBA 24 01-01-1993 48
1-64
23 Prosenjit Sarkar Chief (Utilities & Power Systems, KLNR) 1,02,64,834 B.Sc. (Engg), PGDBM 36 02-02-1981 58 -
24 Rajeev Singhal Vice President (Raw Material) 1,87,82,974 B.Tech, PGDM 31 01-07-1985 53 -
25 Rajesh N Chief (Manufacturing, Flat Product) 1,02,44,877 B.Tech 28 01-07-1988 50 -
26 Rajiv Kumar Soni Executive-In-Charge (Global Wires-India) 1,18,49,750 B.Sc. (Engg), PGDM 34 02-08-1982 56 -
27 Ramam D B Sundara Executive-in-Charge (FAM) 1,30,01,751 B.Sc. (Engg) 26 28-07-1990 47 -
28 S K Singh General Manager (West Bokaro) 1,08,57,470 B.Tech 25 01-07-1991 48 -
REPORTS
STATUTORY
29 S Mokashi Chief (Group Information Services) 1,49,25,051 B.Tech, PGDM 35 01-02-1982 59 -

30 Samita Shah Group Head (Corp Finance & Risk Management) 1,36,67,689 B.A. (Hons), PGDM 24 18-10-2012 46 Axis Bank
31 Sanjay Chandra Chief (R&D and Scientific Services) 1,02,96,639 B.Tech, Ph.D 33 08-08-1983 56 -
32 Sanjay Rajoria General Manager (Jharia) 1,02,99,270 B.E. 28 01-07-1988 51 -
65-160
33 Satish Kumar Tiwary Chief (Mechanical Maintenance) 1,04,24,891 B.E. 27 01-07-1989 51 -

34 Subodh Pandey Executive-in-Charge (Tubes) 1,09,35,843 B.Tech 24 13-07-1992 47 -
35 Sudhansu Pathak Vice President (Steel Manufacturing) 1,86,78,241 B.E., PGDM 32 02-07-1984 55 -
36 Suresh Kumar T.S. Chief (Natural Resources Division) 1,04,44,698 M.Sc. 37 20-07-2009 59 ACC Ltd
37 Suresh Kumar Vice President (Shared Services) 1,77,64,262 B.Tech, PGDM 36 01-08-1980 59 -
38 Uttam Singh Chief (Blast Furnaces) 1,24,24,041 B.Tech 24 13-07-1992 48 -
FINANCIAL
39 Vinay V Mahashabde Chief (Technology Officer, Flat Products) 1,07,04,332 B.Tech 30 01-07-1986 51 -
STATEMENTS
Notes:
(1) Gross Remuneration comprises salary, allowances, monetary value of perquisites, commission to the Directors and the Companys contribution to Provident and superannuation Funds but
excludes contribution to Gratuity Fund on the basis of acturial valuation as separate figures are not available.
(2) The nature of employment in all cases is contractual.
161-351
(3) None of the employees mentioned above is a relative of any Director of the Company or Manager of the Company.

sd/-
N. Chandrasekaran
Mumbai Chairman
May 16, 2017 DIN: 00121863

125
ANNEXURE 6
126
Form AOC-1
Statement containing salient features of the financial statements of the Subsidiaries/Joint Ventures /Associate Companies
Pursuant to Section 129(3) of the Companies Act, 2013
[Read with Rule 5 of the Companies (Accounts) Rules, 2014]
PART A-SUMMARY OF FINANCIAL INFORMATION OF SUBSIDIARY COMPANIES
Date since Profit Provision Profit
Share Reserves Total Total Total Proposed
Sl. when Reporting Exchange Turnover before for after Ownership
Name of the Company capital * & Surplus Assets Liabilities Investments Dividend
No subsidiary Currency Rate@ (` crore) Taxation Taxation Taxation (%)
(` crore) (` crore) (` crore) (` crore) (` crore) (` crore)
was acquired (` crore) (` crore) (` crore)
1 ABJA Investment Co. Pte. Ltd. Apr 12, 2013 USD 64.85 1.30 (266.75) 11,229.90 11,495.36 - - 86.69 11.16 75.52 - 100.00
2 Adityapur Toll Bridge Company Limited Jun 12, 2002 INR 1.00 46.78 (6.99) 59.70 19.91 - 4.31 (3.50) - (3.50) - 88.50
3 Tata Steel Special Economic Zone Limited Oct 11, 2006 INR 1.00 135.74 (3.12) 159.20 26.58 - 0.25 (1.31) - (1.31) - 100.00
4 Indian Steel & Wire Products Ltd. Dec 20, 2003 INR 1.00 5.99 57.42 150.34 86.93 - 257.81 9.52 3.40 6.12 - 95.01
5 Jamshedpur Utilities & Services Company Limited Aug 25, 2003 INR 1.00 20.35 43.53 599.91 536.02 35.21 782.49 48.78 (2.78) 51.56 - 100.00
6 Haldia Water Management Limited Jun 12, 2008 INR 1.00 27.77 (188.62) 13.86 174.71 - - (13.57) - (13.57) - 60.00
7 NatSteel Asia Pte. Ltd. Feb 15, 2005 USD 64.85 1,115.41 377.66 4,558.12 3,065.05 2,924.36 - (73.16) (0.19) (72.97) - 100.00
8 TS Asia (Hong Kong) Ltd. Sep 27, 2006 USD 64.85 7.40 107.91 563.36 448.05 - 1,700.27 17.97 2.96 15.01 - 100.00
9 Rujuvalika Investments Limited Apr 30, 2015 INR 1.00 1.33 82.81 89.88 5.74 115.97 - 2.38 - 2.38 0.64 100.00
10 T S Alloys Limited Mar 14, 2007 INR 1.00 65.71 47.08 143.35 30.57 - 155.48 0.50 (0.34) 0.84 - 100.00
11 Tata Korf Engineering Services Ltd. Oct 30, 1985 INR 1.00 0.40 (10.20) 0.91 10.71 - - (0.02) - (0.02) - 100.00
12 Tata Metaliks Ltd. Feb 7, 2008 INR 1.00 25.29 181.89 1,065.70 858.52 0.02 1,410.10 152.21 35.73 116.48 6.09 50.09
13 Tata Sponge Iron Limited Aug 28, 2012 INR 1.00 15.40 849.45 1,044.74 179.89 263.28 615.16 83.47 25.29 58.18 - 54.50
14 TSIL Energy Limited Nov 20, 2012 INR 1.00 1.06 0.08 1.15 0.01 1.13 - 0.03 - 0.03 - 100.00
15 Tata Steel (KZN) (Pty) Ltd. Nov 20, 2012 ZAR 4.86 85.69 (1,097.60) 217.05 1,228.96 - - - - - - 90.00

16 T Steel Holdings Pte. Ltd. Jul 5, 2006 GBP 80.98 47,875.33 (348.31) 47,527.19 0.17 39,272.93 - (0.07) - (0.07) - 100.00
17 T S Global Holdings Pte Ltd. Jul 4, 2008 GBP 80.98 33,074.33 (1,663.73) 66,663.84 35,253.24 33,114.42 3.29 (5,179.28) 181.83 (5,361.11) - 100.00
18 Orchid Netherlands (No.1) B.V. Mar 20, 2009 EUR 69.27 0.12 1.46 1.58 - - - (0.01) 0.01 (0.02) - 100.00
19 NatSteel Holdings Pte. Ltd. May 23, 2008 SGD 46.40 928.13 (925.64) 2,184.85 2,182.36 542.89 2,812.47 2.29 (17.31) 19.60 - 100.00
20 Easteel Services (M) Sdn. Bhd. Feb 15, 2005 MYR 14.65 29.30 (0.52) 137.47 108.69 - 457.29 (0.44) (0.11) (0.33) - 100.00
21 Eastern Steel Fabricators Philippines, Inc. Feb 15, 2005 SGD 46.40 20.15 (60.07) 11.50 51.42 - - - - - - 67.00
22 NatSteel (Xiamen) Ltd. Feb 15, 2005 CNY 9.42 575.03 (676.12) 142.18 243.27 - 0.11 95.39 - 95.39 - 100.00
23 NatSteel Recycling Pte Ltd. Feb 15, 2005 SGD 46.40 46.40 148.66 280.46 85.41 - 900.43 4.42 0.19 4.23 - 100.00
24 NatSteel Trade International (Shanghai) Company Ltd. Feb 15, 2005 CNY 9.42 1.56 (1.83) 0.63 0.91 - - (0.07) - (0.07) - 100.00
25 NatSteel Trade International Pte. Ltd. Feb 15, 2005 USD 64.85 9.34 5.69 16.22 1.19 - 199.04 0.75 - 0.75 76.33 100.00
26 NatSteel Vina Co. Ltd. Feb 15, 2005 VND 0.00 67.31 8.28 122.57 46.97 - 401.74 7.82 0.63 7.19 - 56.50
27 The Siam Industrial Wire Company Ltd. Feb 15, 2005 THB 1.89 86.80 916.83 1,090.06 86.43 79.25 892.40 98.94 13.94 85.01 - 100.00
28 TSN Wires Co., Ltd. Apr 5, 2012 THB 1.89 132.08 (75.23) 191.24 134.39 - 122.95 (10.05) - (10.05) - 60.00
29 Tata Steel Europe Limited Apr 2, 2007 GBP 80.98 33,518.79 (16,641.53) 40,003.84 23,126.57 13,324.74 - (1,045.18) (65.60) (979.59) - 100.00
30 Apollo Metals Limited Apr 2, 2007 USD 64.85 0.00 70.62 102.75 32.14 - 153.59 34.74 (4.83) 39.57 - 100.00
31 Augusta Grundstucks GmbH Apr 2, 2007 EUR 69.27 37.20 (39.07) 5.54 7.41 - - (1.07) 0.06 (1.12) - 100.00
32 Automotive Laser Technologies Limited Apr 2, 2007 GBP 80.98 0.00 - - - - - - - - - 100.00
33 B S Pension Fund Trustee Limited Apr 2, 2007 GBP 80.98 17.38 0.55 17.93 - - - - - - - 100.00
34 Beheermaatschappij Industriele Produkten B.V. Apr 2, 2007 EUR 69.27 0.12 (47.92) 48.79 96.59 48.19 - (0.45) (0.11) (0.34) - 100.00
35 Bell & Harwood Limited Apr 2, 2007 GBP 80.98 0.00 (10.23) - 10.23 - - - - - - 100.00
36 Blastmega Limited Apr 2, 2007 GBP 80.98 0.00 753.24 753.26 0.02 753.16 - - - - - 100.00
37 Blume Stahlservice GmbH Apr 2, 2007 EUR 69.27 35.46 17.56 63.33 10.30 - (0.01) (10.13) 0.32 (10.45) - 100.00
38 Blume Stahlservice Polska Sp.Z.O.O Apr 2, 2007 PLZ 16.36 0.00 - - - - - 0.06 - 0.06 - 100.00
FINANCIAL INFORMATION OF SUBSIDIARY COMPANIES
39 Bore Samson Group Limited Apr 2, 2007 GBP 80.98 170.07 (48.53) 182.39 60.85 182.39 - - - - - 100.00
REPORT
40 Bore Steel Limited Apr 2, 2007 GBP 80.98 129.58 8.50 138.07 - - - - - - - 100.00
41 British Guide Rails Limited Apr 2, 2007 GBP 80.98 2.43 36.92 39.35 - - - - - - - 100.00
INTEGRATED
42 British Steel Corporation Limited Apr 2, 2007 GBP 80.98 146.39 100.65 247.04 - - - - - - - 100.00
43 British Steel Directors (Nominees) Limited Apr 2, 2007 GBP 80.98 0.00 - - - - - - - - - 100.00
44 British Steel Engineering Steels (Exports) Limited Apr 2, 2007 GBP 80.98 0.00 - 0.10 0.10 - - - - - - 100.00
45 British Steel Nederland International B.V. Apr 2, 2007 EUR 69.27 0.13 432.03 458.25 26.09 280.65 - 6.53 0.97 5.56 - 100.00
46 British Steel Service Centres Limited Apr 2, 2007 GBP 80.98 161.97 271.09 634.50 201.44 - - - - - - 100.00
1-64
47 British Tubes Stockholding Limited Apr 2, 2007 GBP 80.98 80.98 4.30 85.29 - - - - - - - 100.00
48 C V Benine Apr 2, 2007 EUR 69.27 15.01 (0.02) 98.15 83.15 - - - - - - 76.92
49 C Walker & Sons Limited Apr 2, 2007 GBP 80.98 28.34 103.24 564.04 432.46 18.93 - - - - - 100.00
50 Catnic GmbH Apr 2, 2007 EUR 69.27 0.18 40.39 51.47 10.90 - 99.60 5.44 1.41 4.03 - 100.00
51 Catnic Limited Apr 2, 2007 GBP 80.98 1.82 (2.31) 0.15 0.65 0.15 - (8.10) - (8.10) - 100.00
52 CBS Investissements SAS Apr 2, 2007 EUR 69.27 0.55 1.08 3.85 2.21 - - 0.28 0.12 0.15 - 100.00
53 Cogent Power Inc. Apr 2, 2007 CAD 48.69 1.46 145.42 309.07 162.19 - 805.09 (5.18) (11.98) 6.80 - 100.00
REPORTS
54 Tata Steel International Mexico SA de CV Apr 2, 2007 USD 64.85 0.02 (0.47) 0.33 0.78 - - (0.46) - (0.46) - 100.00
STATUTORY
55 Cogent Power Inc. Apr 2, 2007 USD 64.85 1.95 17.80 20.80 1.05 - - (8.21) - (8.21) - 100.00
56 Cogent Power Limited Apr 2, 2007 GBP 80.98 345.54 (238.38) 349.24 242.08 220.01 - (0.12) - (0.12) - 100.00
57 Color Steels Limited Apr 2, 2007 GBP 80.98 0.36 36.35 101.59 64.88 - - - - - - 100.00
58 Corbeil Les Rives SCI Apr 2, 2007 EUR 69.27 4.45 4.06 8.54 0.03 - - - - - - 67.30
59 Corby (Northants) & District Water Company Limited Apr 2, 2007 GBP 80.98 2.11 2.54 5.99 1.35 - 2.28 - - - - 100.00
65-160
60 Cordor (C& B) Limited Apr 2, 2007 GBP 80.98 2.63 - 2.63 - - - - - - - 100.00
61 Corus Aluminium Verwaltungsgesellschaft Mbh Apr 2, 2007 EUR 69.27 3.60 - 22.82 19.21 8.10 - 8.23 - 8.23 - 100.00
62 Corus Beteiligungs GmbH Apr 2, 2007 EUR 69.27 8.87 (7.10) 1.80 0.04 - - (18.35) - (18.35) - 100.00
63 Corus Building Systems Bulgaria AD Jun 19, 2008 LEV 35.47 4.15 (28.13) 29.45 53.43 - 0.32 (2.32) - (2.32) - 65.00
64 Corus CNBV Investments Apr 2, 2007 GBP 80.98 0.00 - - - - - - - - - 100.00
65 Corus Cold drawn Tubes Limited Apr 2, 2007 GBP 80.98 40.49 (54.45) - 13.95 - - - - - - 100.00
66 Corus Engineering Steels (UK) Limited Apr 2, 2007 GBP 80.98 80.98 289.98 370.97 - - - - - - - 100.00
67 Corus Engineering Steels Holdings Limited Apr 2, 2007 GBP 80.98 3,368.02 261.24 4,603.73 974.47 4,555.80 - - - - - 100.00
FINANCIAL
68 Corus Engineering Steels Limited Apr 2, 2007 GBP 80.98 3,742.25 109.01 3,851.26 - - - - - - - 100.00
STATEMENTS
69 Corus Engineering Steels Overseas Holdings Limited Apr 2, 2007 GBP 80.98 3.24 4.81 15.84 7.79 - - - - - - 100.00
70 Corus Engineering Steels Pension Scheme Trustee Limited GBP 80.98 0.00 - - - - - - - - - 100.00
71 Corus Group Limited Apr 2, 2007 GBP 80.98 14,169.38 (13,300.93) 7,387.06 6,518.61 7,386.57 - (273.03) - (273.03) - 100.00
72 Corus Holdings Limited Apr 2, 2007 GBP 80.98 2.02 1.32 3.35 - - - 0.52 - 0.52 - 100.00
161-351
73 Corus International (Overseas Holdings) Limited Apr 2, 2007 GBP 80.98 1,143.55 2,662.47 3,813.80 7.79 2,091.31 - 54.64 (8.22) 62.86 - 100.00
74 Corus International Limited Apr 2, 2007 GBP 80.98 3,971.19 (1,523.70) 2,489.30 41.81 2,421.95 - 8.85 - 8.85 - 100.00
75 Corus International Romania SRL. Apr 2, 2007 RON 15.24 0.01 0.39 0.57 0.18 - - 0.02 0.02 0.01 - 100.00
76 Corus Investments Limited Apr 2, 2007 GBP 80.98 178.16 5.51 183.68 - - - - - - - 100.00
77 Corus Ireland Limited Apr 2, 2007 EUR 69.27 0.00 5.34 8.17 2.84 - - 1.08 - 1.08 - 100.00
78 Corus Large Diameter Pipes Limited Apr 2, 2007 GBP 80.98 0.00 589.10 601.48 12.38 - - - - - - 100.00
79 Corus Liaison Services (India) Limited Apr 2, 2007 GBP 80.98 8.10 (27.46) 1.45 20.81 - - - - - - 100.00
80 Corus Management Limited Apr 2, 2007 GBP 80.98 0.00 (367.21) 1,990.75 2,357.96 1,635.31 - - - - - 100.00
81 Corus Primary Aluminium B.V. Apr 2, 2007 EUR 69.27 11.61 (133.12) 268.23 389.74 263.96 - (3.33) (0.83) (2.49) - 100.00

82 Corus Property Apr 2, 2007 GBP 80.98 0.00 - 0.01 0.01 - - - - - - 100.00
83 Corus Service Centre Limited Apr 2, 2007 GBP 80.98 28.18 101.07 129.26 - - - - - - - 100.00
84 Corus Steel Service STP LLC Apr 6, 2009 RUB 1.15 0.13 (1.81) 0.66 2.35 - - 0.19 - 0.19 - 100.00
127
128
85 Corus Tubes Poland Spolka Z.O.O Apr 2, 2007 EUR 69.27 0.35 (1.93) 1.08 2.66 - - - - - - 100.00
86 Corus UK Healthcare Trustee Limited Mar 31, 2009 GBP 80.98 0.00 - - - - - - - - - 100.00
87 Corus Ukraine Limited Liability Company UAH 2.40 0.01 0.01 0.02 - - - - - - - 100.00
88 CPN (85) Limited Apr 2, 2007 GBP 80.98 0.00 (0.68) - 0.68 - - - - - - 100.00
89 Crucible Insurance Company Limited Apr 2, 2007 GBP 80.98 4.05 274.95 570.56 291.57 244.72 - 42.50 - 42.50 - 100.00
90 Degels GmbH Apr 2, 2007 EUR 69.27 0.55 (16.39) 197.52 213.36 - 633.73 23.53 (0.06) 23.58 - 100.00
91 Demka B.V. Apr 2, 2007 EUR 69.27 42.62 18.17 60.88 0.10 - - (0.13) (0.03) (0.10) - 100.00
92 DSRM Group Plc. Apr 2, 2007 GBP 80.98 40.49 120.21 160.70 - - - - - - - 100.00
93 Eric Olsson & Soner Forvaltnings AB Apr 2, 2007 SEK 7.26 0.07 15.96 16.03 - 15.99 - - - - - 100.00
94 Esmil B.V. Apr 2, 2007 EUR 69.27 100.56 (81.96) 18.61 0.02 - - 0.06 0.02 0.05 - 100.00
95 Europressings Limited Apr 2, 2007 GBP 80.98 4.86 0.32 5.17 - - - - - - - 100.00
96 Firsteel Group Limited Apr 2, 2007 GBP 80.98 51.02 (122.26) 69.65 140.88 - - (216.43) - (216.43) - 100.00
97 Firsteel Holdings Limited Apr 2, 2007 GBP 80.98 0.06 62.62 140.34 77.67 - - - - - - 100.00
98 Fischer Profil GmbH Apr 2, 2007 EUR 69.27 70.83 (78.12) 209.69 216.98 - 493.69 (40.03) 2.26 (42.30) - 100.00
99 Gamble Simms Metals Limited Apr 2, 2007 EUR 69.27 4.40 (6.35) - 1.95 - - - - - - 100.00
100 Grant Lyon Eagre Limited Apr 2, 2007 GBP 80.98 3.04 44.66 47.70 - - - - - - - 100.00
101 H E Samson Limited Apr 2, 2007 GBP 80.98 30.37 11.93 42.30 - - - - - - - 100.00
102 Hadfields Holdings Limited Apr 2, 2007 GBP 80.98 0.81 (65.88) 4.29 69.36 - - - - - - 62.50
103 Halmstad Steel Service Centre AB Mar 31, 2015 SEK 7.26 0.04 64.87 202.40 137.50 - 280.51 (8.08) - (8.08) - 100.00
104 Hammermega Limited Apr 2, 2007 GBP 80.98 18.22 - 18.22 - - - - - - - 100.00
105 Harrowmills Properties Limited Apr 2, 2007 GBP 80.98 0.01 154.23 154.24 - - - - - - - 100.00
106 Hille & Muller GmbH Apr 2, 2007 EUR 69.27 35.45 74.69 375.06 264.92 - 564.13 5.33 2.18 3.15 - 100.00
107 Hille & Muller USA Inc. Apr 2, 2007 USD 64.85 0.02 114.88 121.60 6.70 76.34 19.40 2.93 - 2.93 - 100.00

108 Hoogovens USA Inc. Apr 2, 2007 USD 64.85 394.56 81.02 475.98 0.40 417.25 - 0.89 - 0.89 - 100.00
109 Huizenbezit Breesaap B.V. Apr 2, 2007 EUR 69.27 0.31 (7.79) 0.30 7.77 - - 0.08 0.02 0.06 - 100.00
110 Ickles Cottage Trust Limited Apr 2, 2007 GBP 80.98 0.00 1.63 1.92 0.28 - - - - - - 100.00
111 Inter Metal Distribution SAS Apr 2, 2007 EUR 69.27 0.53 33.86 115.85 81.47 - 410.31 14.91 5.28 9.63 6.93 100.00
112 Kalzip Asia Pte Limited Apr 2, 2007 SGD 46.40 62.64 (176.73) 8.00 122.09 - 10.66 (25.66) - (25.66) - 100.00
113 Kalzip FZE Nov 1, 2012 AED 17.66 1.77 2.93 7.58 2.89 - - 0.85 - 0.85 - 100.00
114 Kalzip GmbH Apr 2, 2007 EUR 69.27 0.24 0.72 1.00 0.03 - - - - - - 100.00
115 Kalzip GmbH Apr 2, 2007 EUR 69.27 44.29 (26.25) 235.97 217.94 - 364.02 3.72 1.15 2.57 - 100.00
116 Kalzip Inc Apr 2, 2007 USD 64.85 0.00 (45.24) 1.43 46.67 - - 0.14 - 0.14 - 100.00
117 Kalzip India Private Limited INR 1.00 5.46 4.87 33.77 23.44 - 45.54 0.90 - 0.90 - 100.00
118 Kalzip Italy SRL Jun 11, 2010 EUR 69.27 0.07 0.23 1.52 1.22 - - 0.09 0.05 0.04 - 100.00
119 Kalzip Limited Apr 2, 2007 GBP 80.98 29.96 (14.21) 21.93 6.17 - 2.67 2.05 - 2.05 - 100.00
120 Kalzip Spain S.L.U. Apr 2, 2007 EUR 69.27 6.23 4.17 10.52 0.11 - - 0.15 0.04 0.11 - 100.00
121 Layde Steel S.L. EUR 69.27 34.63 36.45 322.36 251.27 0.03 778.31 17.90 - 17.90 - 100.00
122 Lister Tubes Limited Apr 2, 2007 EUR 69.27 0.00 11.21 11.21 - - - - - - - 100.00
123 London Works Steel Company Limited Apr 2, 2007 GBP 80.98 0.00 (83.46) 45.35 128.81 - - - - - - 100.00
124 Midland Steel Supplies Limited Apr 2, 2007 GBP 80.98 0.00 - - - - - - - - - 100.00
125 Montana Bausysteme AG Apr 2, 2007 CHF 64.86 51.88 41.57 212.92 119.47 - 339.34 14.15 2.53 11.62 8.11 100.00
126 Naantali Steel Service Centre OY Mar 31, 2015 EUR 69.27 0.02 27.74 162.30 134.54 - 279.28 (6.77) - (6.77) - 100.00
127 Nationwide Steelstock Limited Apr 2, 2007 GBP 80.98 0.02 (9.20) - 9.18 - - - - - - 100.00
128 Norsk Stal Tynnplater AS Mar 31, 2015 NOK 7.56 20.04 27.54 164.06 116.48 0.61 426.14 11.67 2.89 8.77 10.62 100.00
129 Norsk Stal Tynnplater AB Mar 31, 2015 NOK 7.56 0.45 15.21 75.82 60.15 - 306.70 3.76 0.82 2.94 - 100.00
130 Orb Electrical Steels Limited Apr 2, 2007 GBP 80.98 0.00 - - - - - - - - - 100.00
131 Ore Carriers Limited Apr 2, 2007 GBP 80.98 16.46 6.61 23.12 0.05 - - - - - - 100.00
REPORT
132 Oremco Inc. Apr 2, 2007 USD 64.85 0.65 (10.96) 0.36 10.67 - - (1.61) - (1.61) - 100.00
133 Plated Strip International Limited Apr 2, 2007 GBP 80.98 18.24 (3.84) 14.49 0.10 - - - - - - 100.00
INTEGRATED
134 Precoat International Limited Apr 2, 2007 GBP 80.98 6.67 56.11 80.73 17.95 10.72 - - - - - 100.00
135 Precoat Limited Apr 2, 2007 GBP 80.98 8.91 (26.09) 5.17 22.36 5.17 - - - - - 100.00
136 Rafferty-Brown Steel Co Inc Of Conn. Apr 2, 2007 USD 64.85 20.54 8.42 28.99 0.04 - - (0.44) (0.24) (0.20) - 100.00
137 Round Oak Steelworks Limited Apr 2, 2007 GBP 80.98 24.30 (412.32) 0.97 388.99 - - - - - - 100.00
138 Runblast Limited Apr 2, 2007 GBP 80.98 69.37 352.05 421.42 - - - - - - - 100.00
1-64
139 Runmega Limited Apr 2, 2007 GBP 80.98 3.52 - 3.52 - - - - - - - 100.00
140 S A B Profiel B.V. Apr 2, 2007 EUR 69.27 0.94 320.17 421.39 100.29 157.31 599.14 160.62 8.26 152.37 416.99 100.00
141 S A B Profil GmbH Apr 2, 2007 EUR 69.27 0.21 119.64 142.96 23.11 - 184.61 5.62 (0.94) 6.56 - 100.00
142 Seamless Tubes Limited Apr 2, 2007 GBP 80.98 161.97 (11.60) 150.37 - - - - - - - 100.00
143 Service Center Gelsenkirchen GmbH EUR 69.27 127.52 217.67 601.70 256.51 0.42 868.98 (218.13) 2.43 (220.56) - 100.00
144 Service Centre Maastricht B.V. Apr 2, 2007 EUR 69.27 0.37 28.55 637.47 608.54 - 1,707.70 27.50 1.86 25.64 - 100.00
145 Skruv Erik AB Apr 2, 2007 SEK 7.26 0.07 0.42 0.50 - - - - - - - 100.00
REPORTS
146 Societe Europeenne De Galvanisation (Segal) Sa Apr 2, 2007 EUR 69.27 86.58 101.32 259.16 71.26 - 407.14 11.84 8.25 3.59 - 100.00
STATUTORY
147 Staalverwerking en Handel B.V. Apr 2, 2007 EUR 69.27 311.70 922.18 1,806.52 572.64 1,793.27 - 410.92 (1.53) 412.46 - 100.00
148 Steel StockHoldings Limited Apr 2, 2007 GBP 80.98 30.77 6.32 37.31 0.22 - - - - - - 100.00
149 Steelstock Limited Apr 2, 2007 GBP 80.98 0.16 - 62.23 62.07 - - - - - - 100.00
150 Stewarts & Lloyds Of Ireland Limited Apr 2, 2007 EUR 69.27 0.66 (2.27) - 1.61 - - - - - - 100.00
151 Stewarts And Lloyds (Overseas) Limited Apr 2, 2007 GBP 80.98 165.70 0.05 165.74 - - - - - - - 100.00
65-160
152 Stocksbridge Works Cottage Trust Limited Apr 2, 2007 GBP 80.98 0.00 0.89 0.92 0.03 - - - - - - 100.00
153 Surahammar Bruks AB Apr 2, 2007 SEK 7.26 43.55 87.19 185.61 54.86 - 181.33 (7.16) - (7.16) - 100.00
154 Swinden Housing Association Apr 2, 2007 GBP 80.98 0.00 5.23 7.07 1.84 - - - - - - 100.00
155 Tata Steel Belgium Packaging Steels N.V. Apr 2, 2007 EUR 69.27 176.17 16.68 232.04 39.19 0.59 73.30 6.09 2.31 3.79 - 100.00
156 Tata Steel Belgium Services N.V. Apr 2, 2007 EUR 69.27 151.32 209.37 921.67 560.97 - - 12.29 3.19 9.09 - 100.00
157 Tata Steel Denmark Byggsystemer A/S Apr 2, 2007 DKK 9.33 0.47 18.32 22.92 4.13 - 59.27 (2.71) - (2.71) - 100.00
158 Tata Steel Europe Distribution BV Apr 2, 2007 EUR 69.27 5.07 (26.11) 6.13 27.18 - - 2.63 0.64 1.99 - 100.00
159 Tata Steel Europe Metals Trading BV EUR 69.27 0.09 257.13 408.54 151.32 - 2.83 (0.41) (0.10) (0.31) - 100.00
FINANCIAL
160 Tata Steel France Batiment et Systemes SAS Apr 2, 2007 EUR 69.27 27.71 (14.07) 169.68 156.04 0.86 404.66 (14.72) - (14.72) - 100.00
STATEMENTS
161 Tata Steel France Holdings SAS Apr 2, 2007 EUR 69.27 34.63 746.76 937.37 155.98 674.63 - (131.10) (72.95) (58.15) - 100.00
162 Tata Steel Germany GmbH Apr 2, 2007 EUR 69.27 708.33 (705.37) 1,249.30 1,246.34 820.32 - (404.09) 6.26 (410.34) - 100.00
163 Tata Steel IJmuiden BV EUR 69.27 779.26 15,867.81 23,877.01 7,229.94 460.58 24,789.67 2,268.73 619.90 1,648.83 - 100.00
164 Tata Steel International (Americas) Holdings Inc Apr 2, 2007 USD 64.85 4,230.35 (3,641.14) 1,739.73 1,150.52 286.46 - 6.46 26.15 (19.70) - 100.00
161-351
165 Tata Steel International (Americas) Inc Apr 2, 2007 USD 64.85 57.73 986.92 1,248.38 203.74 - 815.97 4.53 (26.63) 31.16 - 100.00
166 Tata Steel International (Benelux) BV Apr 2, 2007 EUR 69.27 0.12 8.55 10.46 1.79 - - 0.08 0.02 0.07 - 100.00
167 Tata Steel International (Canada) Holdings Inc Apr 2, 2007 CAD 48.69 0.05 1.70 1.86 0.12 - - - - - - 100.00
168 Tata Steel International (Czech Republic) S.R.O Apr 2, 2007 CZK 2.57 0.31 8.52 9.35 0.52 - - 3.91 0.74 3.17 - 100.00
169 Tata Steel International (Denmark) A/S Apr 2, 2007 DKK 9.33 0.85 (0.37) 2.30 1.82 - - (0.21) 0.07 (0.28) - 100.00
170 Tata Steel International (Finland) OY Apr 2, 2007 EUR 69.27 0.87 0.02 1.84 0.95 - - - - - 0.87 100.00
171 Tata Steel International (France) SAS Apr 2, 2007 EUR 69.27 1.39 30.35 35.79 4.06 - - 0.41 - 0.41 - 100.00
172 Tata Steel International (Germany) GmbH Apr 2, 2007 EUR 69.27 6.03 (5.24) 54.39 53.60 - - 3.29 0.67 2.62 - 100.00
Tata Steel International (South America) Representacoes

173 USD 64.85 1.40 (0.87) 0.71 0.18 - - 0.47 0.12 0.34 - 100.00
Limited
174 Tata Steel International Hellas SA EUR 69.27 0.42 0.60 1.63 0.61 - - - - - - 100.00
175 Tata Steel International (Italia) SRL Apr 2, 2007 EUR 69.27 0.35 12.05 18.29 5.90 - - 5.43 1.61 3.81 - 100.00
176 Tata Steel International (Middle East) FZE Apr 2, 2007 AED 17.66 79.47 130.29 228.92 19.16 - 77.59 7.84 - 7.84 - 100.00
129
130
177 Tata Steel International (Nigeria) Limited Jun 10, 2008 NGN 0.20 0.00 - - - - - - - - - 100.00
178 Tata Steel International (Poland) sp Zoo Apr 2, 2007 PLZ 16.36 14.41 (11.37) 3.44 0.39 - - 2.31 0.40 1.90 - 100.00
179 Tata Steel International (Schweiz) AG Apr 2, 2007 CHF 64.86 0.65 3.85 5.63 1.13 - - (0.31) (0.09) (0.22) 0.06 100.00
180 Tata Steel International (Sweden) AB Apr 2, 2007 SEK 7.26 0.07 6.06 9.82 3.68 - - 2.73 0.67 2.07 - 100.00
181 Tata Steel International (India) Limited Apr 2, 2007 INR 1.00 6.39 36.79 45.16 1.98 - - 4.06 - 4.06 - 100.00
182 Tata Steel International Iberica SA Apr 2, 2007 EUR 69.27 1.04 2.78 8.41 4.59 - - 4.97 1.93 3.04 8.31 100.00
183 Tata Steel Istanbul Metal Sanayi ve Ticaret AS Apr 2, 2007 USD 64.85 74.75 (58.18) 202.48 185.90 - 310.18 (1.20) - (1.20) - 100.00
184 Tata Steel Latvia Building Systems SIA Apr 2, 2007 EUR 69.27 0.59 (0.50) 0.20 0.11 - 1.11 0.01 0.01 0.01 - 100.00
185 Tata Steel Maubeuge SAS Apr 2, 2007 EUR 69.27 51.95 85.01 744.35 607.40 7.52 2,267.45 101.24 24.36 76.88 - 100.00
186 Tata Steel Nederland BV Apr 2, 2007 EUR 69.27 2,684.85 8,171.63 14,753.95 3,897.47 10,342.65 - 215.67 (18.73) 234.40 1,004.38 100.00
187 Tata Steel Nederland Consulting & Technical Services BV Apr 2, 2007 EUR 69.27 62.34 (24.37) 43.86 5.89 - - (0.02) 0.03 (0.06) - 100.00
188 Tata Steel Nederland Services BV Apr 2, 2007 EUR 69.27 2.95 272.54 601.40 325.92 - - (118.62) (29.21) (89.40) - 100.00
189 Tata Steel Nederland Star-Frame BV Apr 2, 2007 EUR 69.27 3.12 (2.95) 0.18 0.02 - - (0.01) (0.00) (0.01) - 100.00
190 Tata Steel Nederland Technology BV Apr 2, 2007 EUR 69.27 0.12 477.04 587.80 110.63 11.55 - (41.28) (60.50) 19.22 - 100.00
191 Tata Steel Nederland Tubes BV Apr 2, 2007 EUR 69.27 332.48 (374.09) 565.72 607.33 - 1,305.46 34.80 9.10 25.70 - 100.00
192 Tata Steel Netherlands Holdings B.V. EUR 69.27 35,215.78 (27,874.31) 43,595.33 36,253.86 37,008.52 - (391.66) (575.73) 184.08 - 100.00
193 Tata Steel Norway Byggsystemer A/S Apr 2, 2007 NOK 7.56 0.92 44.24 80.49 35.33 - 173.82 9.31 2.26 7.06 - 100.00
194 Tata Steel Speciality Service Centre Suzhou Co Limited Dec 17, 2008 USD 64.85 3.57 (7.47) 57.80 61.70 5.14 82.30 (3.10) - (3.10) - 100.00
195 Tata Steel Sweden Byggsystem AB Apr 2, 2007 SEK 7.26 0.73 19.65 87.61 67.24 15.91 148.26 (15.94) - (15.94) - 100.00
196 Tata Steel Speciality Service Centre Xian Co. Limited USD 64.85 5.14 0.74 47.09 41.21 - 38.56 0.27 - 0.27 - 100.00
197 Tata Steel UK Consulting Limited GBP 80.98 14.05 (10.91) 6.24 3.10 - 13.38 0.60 - 0.60 - 100.00
198 Tata Steel UK Holdings Limited GBP 80.98 28,324.30 (11,332.15) 45,542.46 28,550.31 21,527.57 - (371.92) - (371.92) - 100.00
199 Tata Steel UK Limited Apr 2, 2007 GBP 80.98 18,151.15 (35,053.98) 18,025.56 34,928.39 6,060.44 17,725.50 (6,172.38) 700.99 (6,873.37) - 100.00

200 Tata Steel USA Inc. Apr 2, 2007 USD 64.85 0.91 78.80 89.62 9.91 32.96 - 0.65 (4.89) 5.53 - 100.00
201 The Newport And South Wales Tube Company Limited Apr 2, 2007 GBP 80.98 0.01 0.12 4.43 4.30 0.00 - - - - - 100.00
202 The Stanton Housing Company Limited Apr 2, 2007 GBP 80.98 0.49 7.31 7.80 - - - - - - - 100.00
203 The Templeborough Rolling Mills Limited Apr 2, 2007 GBP 80.98 24.30 104.25 128.55 - - - - - - - 100.00
204 Thomas Processing Company Apr 2, 2007 USD 64.85 0.00 135.94 136.65 0.71 - 23.30 (1.40) - (1.40) - 100.00
205 Thomas Steel Strip Corp. Apr 2, 2007 USD 64.85 51.88 (259.85) 344.89 552.87 24.61 590.07 19.85 (13.93) 33.78 - 100.00
206 Toronto Industrial Fabrications Limited Apr 2, 2007 GBP 80.98 0.13 (4.15) - 4.02 - - - - - - 100.00
207 Trierer Walzwerk Verwaltungsgellshcaft mbH Apr 2, 2007 EUR 69.27 17.73 8.66 53.65 27.26 - - (0.35) 0.38 (0.73) - 100.00
208 TS South Africa Sales Office Proprietary Limited Aug 31, 2015 SAR 17.29 0.00 4.61 5.18 0.57 - - 1.43 0.49 0.94 - 100.00
209 Tulip UK Holdings (No.2) Limited Apr 2, 2007 GBP 80.98 28,371.73 (15,052.42) 13,319.64 0.33 13,319.64 - - - - - 100.00
210 Tulip UK Holdings (No.3) Limited Apr 2, 2007 GBP 80.98 28,374.74 (15,512.49) 43,284.13 30,421.88 18,711.39 - (322.96) - (322.96) - 100.00
211 U.E.S. Bright Bar Limited Apr 2, 2007 GBP 80.98 12.15 - 12.15 - - - - - - - 100.00
212 UK Steel Enterprise Limited Apr 2, 2007 GBP 80.98 80.99 44.26 242.46 117.22 27.32 24.66 (5.66) - (5.66) - 100.00
213 UKSE Fund Managers Limited Apr 2, 2007 GBP 80.98 0.28 0.09 0.60 0.23 - - - - - - 100.00
214 Unitol SAS Apr 2, 2007 EUR 69.27 41.56 28.30 417.01 347.15 0.56 1,135.03 52.02 16.02 36.00 - 100.00
215 Walker Manufacturing And Investments Limited Apr 2, 2007 GBP 80.98 4.31 120.81 125.12 - 8.74 - - - - - 100.00
216 Walkersteelstock Ireland Limited Apr 2, 2007 EUR 69.27 67.61 (64.23) 14.59 11.21 12.01 - - - - - 100.00
217 Walkersteelstock Limited Apr 2, 2007 GBP 80.98 8.10 - 8.10 - 0.16 - - - - - 100.00
218 Westwood Steel Services Limited Apr 2, 2007 GBP 80.98 190.31 - 190.31 - - - - - - - 100.00
219 Whitehead (Narrow Strip) Limited Apr 2, 2007 GBP 80.98 72.89 19.99 92.88 - - - - - - - 100.00
220 T S Global Minerals Holdings Pte Ltd. Aug 1, 2008 USD 64.85 8,554.29 (3,418.87) 7,687.61 2,552.19 - 610.14 (35.53) 34.42 (69.95) - 100.00
221 Al Rimal Mining LLC Feb 25, 2008 OMR 168.46 16.85 (10.69) 8.91 2.76 - - (0.02) - (0.02) - 70.00
222 Black Ginger 461 (Proprietary) Ltd Mar 6, 2008 ZAR 4.86 28.68 86.81 426.51 311.02 - 642.62 74.38 22.11 52.27 - 100.00
223 Kalimati Coal Company Pty. Ltd. Aug 1, 2009 AUD 49.54 65.43 (254.60) 0.22 189.39 - - 1.55 - 1.55 - 100.00
REPORT
224 Sedibeng Iron Ore Pty. Ltd. Feb 24, 2011 ZAR 4.86 0.00 86.36 396.56 310.20 - 642.62 77.68 22.11 55.57 - 64.00
225 Tata Steel Cote D Ivoire S.A May 15, 2012 FCFA 0.11 156.40 (92.17) 65.15 0.91 - - (1.26) - (1.26) - 85.00
INTEGRATED
226 TSMUK Limited Sep 23, 2010 USD 64.85 3,821.38 922.68 6,811.16 2,067.10 6,372.98 - (0.04) - (0.04) - 100.00
227 Tata Steel Minerals Canada Limited Dec 31, 2010 USD 64.85 5,694.19 (1,178.17) 6,670.31 2,154.30 - - (162.28) - (162.28) - 77.68
228 T S Canada Capital Ltd Dec 31, 2012 USD 64.85 0.00 32.38 32.56 0.18 - - 0.55 0.56 (0.01) - 100.00
229 Tata Steel International (Singapore) Holdings Pte. Ltd. Jan 25, 2008 HKD 8.35 451.83 (73.65) 423.88 45.69 378.18 13.77 0.07 - 0.07 - 100.00
230 Tata Steel International (Shanghai) Ltd. Jan 25, 2008 CNY 9.42 4.60 2.61 7.88 0.68 - 2.22 0.29 0.15 0.13 - 100.00
1-64
231 Tata Steel International (Singapore) Pte. Ltd. Jan 25, 2008 SGD 46.40 7.89 24.69 33.17 0.59 8.35 9.23 3.85 - 3.85 - 100.00
232 Tata Steel International (Asia) Limited Jan 25, 2008 HKD 8.35 0.00 538.79 626.86 88.08 2.00 20.26 0.40 - 0.40 - 100.00
233 Tata Steel (Thailand) Public Company Ltd. Apr 4, 2006 THB 1.89 1,589.06 908.65 2,991.66 493.95 - 191.88 102.47 2.90 99.58 - 67.90
234 N.T.S Steel Group Plc. Apr 4, 2006 THB 1.89 873.25 (726.37) 1,047.90 901.03 - 3,673.87 (57.57) (0.20) (57.36) - 99.76
235 The Siam Construction Steel Co. Ltd. Apr 4, 2006 THB 1.89 330.21 50.31 688.77 308.25 - 1,461.49 112.13 38.95 73.18 - 99.99
236 The Siam Iron And Steel (2001) Co. Ltd. Apr 4, 2006 THB 1.89 22.64 195.46 369.23 151.13 - 700.16 31.57 1.18 30.39 - 99.99
237 T S Global Procurement Company Pte. Ltd. Apr 23, 2010 USD 64.85 646.08 1,618.84 25,375.71 23,110.79 - 20,811.98 86.83 18.86 67.97 - 100
REPORTS
238 ProCo Issuer Pte. Ltd. Sep 8, 2010 GBP 80.98 0.00 2,841.49 7,842.00 5,000.51 - 472.65 191.97 11.41 180.55 - 100
STATUTORY
239 Tata Steel Odisha Limited Jun 22, 2012 INR 1.00 2.57 (2.57) 0.04 0.04 - - (0.02) - (0.02) - 100
240 Tata Steel Processing and Distribution Limited Jul 14, 2009 INR 1.00 68.25 468.51 1,160.00 623.23 2.75 2,471.75 56.34 15.94 40.41 - 100
241 Tayo Rolls Limited Dec 1, 2008 INR 1.00 10.26 (432.92) 87.87 510.52 - 46.64 (84.00) - (84.00) - 54.91
242 Tata Pigments Limited May 18, 1985 INR 1.00 0.75 45.70 75.95 29.50 23.57 117.07 10.22 3.76 6.46 0.90 100
243 The Tinplate Company of India Ltd Apr 1, 2011 INR 1.00 104.80 517.49 873.53 251.24 76.45 848.54 40.66 12.80 27.86 4.26 74.96
65-160
244 Tata Steel Foundation Aug 16, 2016 INR 1.00 1.00 (0.01) 18.99 18.00 - - (0.01) - (0.01) - 100
Notes: 11 Hoogovens Finance B.V.

12 Kalzip (Guangzhou) Limited
* Includes share application money.
13 Longs Steel UK Limited
# Reporting period for subsidiary companies at Sl. No. 48, 58, 63, 75, 84, 110, 152 is December.
14 Mistbury Investments Limited
@ Closing exchange rate as on March 31, 2017 has been considered for calculation
15 Stainless Velsen-Noord BV
FINANCIAL

16 Tata Steel France Rail SAS
STATEMENTS
Name of the subsidiaries which are yet to commence operations :

17 Tata Steel UK Rail Consultancy Limited
1 Speciality Steels UK Limited
18 The Steel Company Of Ireland Limited

19 Tuscaloosa Steel Corporation
Name of the subsidiaries which have been liquidated or sold during the year :
20 TSIA Holdings (Thailand) Limited
1 Bangla Steel & Mining Co. Ltd.
21 Tata Steel International (Thailand) Limited
2 Almana Steel Dubai (Jersey) Limited

3 British Steel Samson Limited
161-351
Name of the companies which have merged :

4 Cladding and Decking UK Limited
1 Tata Metaliks DI Pipes Limited
5 Corus Building Systems SAS
2 Howse Minerals Ltd.
6 Corus Properties (Germany) Limited
7 Corus Republic Of Ireland Subsidiaries Pension Scheme Trustee Limited
8 Firsteel Strip Mill Prodcuts Limited
9 Hoogovens (UK) Limited
10 Hoogovens Aluminium UK Limited

131
PART B JOINT VENTURES AND ASSOCIATES
132
No. of shares
Date on which Amount of Description Reason why Net worth Share of profit/loss for the
held by the
Latest audited the Associate Reporting Investment in Extend of of how the associate attributable to year (` crore)
Sl. company in
Name of the Entity balance sheet or Joint Venture currency associate/joint holding there is / joint shareholding
No associate/joint
date was associated or @ venture (%) significant venture is not as per latest Considered Not
venture on the
acquired (` crore) influence consolidated balance sheet in considered in
year end
consolidation consolidation
A. Joint Venture
1 Minas De Benga (Mauritius) Limited Dec 31 Nov 30, 2007 USD 27,13,43,558 2,287.37 35.00 1 - (878.56) 329.85 612.57
2 Minas de Benga Limited-Mozambique Dec 31 USD 1,020.17 99.50 1 - (1,623.46) (39.58) (0.20)
3 Bhubaneshwar Power Private Limited Mar 31 Aug 6, 2008 INR 4,99,85,309 43.73 26.00 1 - 52.41 (6.25) (17.80)
4 Himalaya Steel Mills Services Pvt. Ltd. Mar 31 Sep 15, 2010 INR 36,19,945 3.62 26.00 1 - 2.07 (0.06) (0.17)
5 mjunction services ltd. Mar 31 Feb 1, 2001 INR 40,00,000 4.00 50.00 1 - 114.34 11.65 11.65
6 S & T Mining Company Private Limited Mar 31 Sep 18, 2008 INR 1,29,41,400 12.94 50.00 1 - (0.50) (2.53) (2.53)
7 Tata Bluescope Steel Ltd. Mar 31 Feb 9, 2005 INR 43,30,00,000 433.00 50.00 1 - 188.57 28.20 28.20
8 BlueScope Lysaght Lanka (Pvt) Ltd Mar 31 Apr 1, 2015 LKR 1,06,35,000 9.12 100.00 5 - 18.40 4.35 -
9 Tata NYK Shipping Pte Ltd. Mar 31 Mar 19, 2007 USD 6,51,67,500 350.13 50.00 1 - 60.93 21.11 21.11
10 Tata NYK Shipping (India) Pvt. Ltd. Mar 31 Apr 1, 2015 INR 2,50,00,000 25.00 100.00 5 - 2.61 0.07 -
11 Naba Diganta Water Management Limited Mar 31 Jan 9, 2008 INR 1,36,53,000 13.65 74.00 5 - 16.41 2.53 -
12 SEZ Adityapur Limited Mar 31 Oct 30, 2006 INR 25,497 0.03 51.00 5 - (0.06) - -
Jamshedpur Continuous Annealing & Processing
13 Mar 31 Aug 17, 2012 INR 47,53,20,000 475.32 51.00 4 - 235.19 (104.88) (100.76)
Company Private Limited
14 T M Mining Company Limited Mar 31 Dec 22, 2010 INR 1,62,800 0.16 74.00 4 - (0.02) (0.01) -
15 TM International Logistics Limited Mar 31 Jan 18, 2002 INR 91,80,000 9.18 51.00 4 - 289.44 20.70 19.89
16 International Shipping and Logistics FZE Mar 31 Feb 1, 2004 USD 1 1.24 100.00 5 - 214.87 11.85 -
17 TKM Global China Ltd Mar 31 Jun 25, 2008 CNY 1 4.39 100.00 5 - 3.12 (0.18) -
18 TKM Global GmbH Mar 31 Mar 1, 2005 EUR 100 1.11 100.00 5 - 166.30 49.95 -
19 TKM Global Logistics Limited Mar 31 Jan 18, 2002 INR 36,00,000 5.16 100.00 5 - 24.89 0.28 -
20 Industrial Energy Ltd. Mar 31 INR 17,31,60,000 173.16 26.00 1 - 212.93 (10.64) -
21 Jamipol Ltd. Mar 31 Apr 24, 1995 INR 44,75,000 8.39 39.78 1 - 53.93 5.31 -

22 Afon Tinplate Company Limited Dec 31 Apr 2, 2007 GBP 6,40,000 5.18 64.00 2 - 31.29 2.73 -
23 Caparo Merchant Bar Plc Dec 31 Apr 2, 2007 GBP 6,16,667 17.57 25.00 2 - (5.13) 1.23 -
24 Industrial Rail Services IJmond B.V. Dec 31 Apr 2, 2007 EUR 50 0.06 50.00 2 * - - -
25 Laura Metaal Holding B.V. Dec 31 Apr 2, 2007 EUR 2,744 8.62 49.00 2 - 128.11 15.14 -
26 Ravenscraig Limited Dec 31 Apr 2, 2007 GBP 100 0.00 33.33 2 - (37.70) (8.11) -
27 Tata Elastron Steel Service Center SA Dec 31 EUR 5,00,000 34.63 50.00 2 - 9.26 (4.48) -
28 Tata Steel Ticaret AS Dec 31 Apr 2, 2007 TRY 80,000 0.01 50.00 2 - 12.11 1.17 -
29 Air Products Llanwern Limited Sep 30 Apr 2, 2007 GBP 50,000 0.41 50.00 2 - 6.08 2.48 -
30 BSR Pipeline Services Limited Dec 31 Apr 2, 2007 GBP 50,000 0.41 50.00 2 - 7.77 0.19 -
31 Texturing Technology Limited Mar 31 Apr 2, 2007 GBP 10,00,000 8.13 50.00 2 - 4.70 2.61 -
32 TVSC Construction Steel Solutions Limited Dec 31 May 30, 2014 HKD 3,32,84,000 27.78 50.00 2 - 2.95 (14.75) -
B. Associates
1 European Profiles (M) Sdn. Bhd. Dec 31 Jan 25, 2008 MYR 7,00,000 1.03 20.00 3 * - - (0.15)
2 New Millennium Iron Corp. Mar 31 CAD 4,74,02,908 318.89 26.18 1 * 64.43 (67.74) -
3 Albi Profils SRL Dec 31 EUR 1,800 0.63 30.00 2 * - - -
4 Fabsec Limited Dec 31 Apr 2, 2007 GBP 250 - 25.00 2 * - - -
5 Gietwalsonderhoudcombinatie B.V. Dec 31 Apr 2, 2007 EUR 50 9.18 50.00 2 - 17.16 0.62 -
6 Hoogovens Court Roll Service Technologies VOF Mar 31 Apr 2, 2007 EUR - 9.37 50.00 2 - - - -
MEX
7 Hoogovens Gan Multimedia S.A. De C.V. Apr 2, 2007 25,000 - 50.00 2 * - - -
PESO
8 ISSB Limited Jun 30 Apr 2, 2007 GBP 500 - 50.00 2 * - - -
9 Wupperman Staal Nederland B.V. Dec 31 Apr 2, 2007 EUR 2,400 59.40 30.00 2 - 116.99 21.30 -
10 Kalinga Aquatics Ltd. INR 10,49,920 - 30.00 1 Dormant - - -
11 Kumardhubi Fireclay & Silica Works Ltd. INR 1,50,001 - 27.78 1 Dormant - - -
12 Kumardhubi Metal Casting & Engineering Ltd. INR 10,70,000 - 49.31 1 Dormant - - -
13 Nicco Jubilee Park Limited May 2001 INR 3,80,000 0.38 25.31 1 * - - -
14 Strategic Energy Technology Systems Private Limited INR 2,56,14,500 25.62 25.00 1 - - - -
15 Tata Construction & Projects Ltd. INR 12,30,025 - 27.19 1 Dormant - - -

No. of shares
Date on which Amount of Description Reason why Net worth Share of profit/loss for the
held by the
Latest audited the Associate Reporting Investment in Extend of of how the associate attributable to year (` crore)
Sl. company in
Name of the Entity balance sheet or Joint Venture currency associate/joint holding there is / joint shareholding
No associate/joint
date was associated or @ venture (%) significant venture is not as per latest Considered Not
venture on the
acquired (` crore) influence consolidated balance sheet in considered in
year end
REPORT
consolidation consolidation
16 TRL Krosaki Refractories Ltd. May 31, 2011 INR 55,63,864 42.38 26.62 1 - 88.75 13.55 -
INTEGRATED
17 TRF Ltd. 31st March Oct 16, 1963 INR 37,53,275 5.79 34.11 1 - (43.94) - (26.91)
18 YORK Transport Equipment India Pvt. Ltd 31st March Apr 1, 2015 INR 5,01,80,267 55.67 100.00 5 - 52.18 9.64 -
19 YORK Transport Equipment (Asia) Pte Ltd 31st March Apr 1, 2015 USD 2,52,37,139 191.09 100.00 5 - 122.80 (4.08) -
20 YORK Transport Equipment Pty Ltd 31st March Apr 1, 2015 AUD 3,31,00,000 0.00 100.00 5 - (7.12) 0.06 -
21 YORK Sales (Thailand) Co. Ltd 31st March Apr 1, 2015 BHT 19,600 0.83 100.00 5 - 16.72 0.34 -
22 YTE Transport Equipment (SA) (Pty) Limited 31st March Apr 1, 2015 RAND 1,00,000 0.15 100.00 5 - 0.27 0.91 -
1-64
23 Rednet Pte Ltd. 31st March Apr 1, 2015 USD 2 0.00 100.00 5 - (5.88) (0.03) -
24 PT YORK Engineering 31st March Apr 1, 2015 Rupiah 990 0.66 100.00 5 - (2.21) - -
25 YTE Special Products Pte Ltd 31st March Apr 1, 2015 USD 2 0.00 100.00 5 - 6.68 (0.97) -
26 Qingdao YTE Special Products Co. Ltd 31st March Apr 1, 2015 RMB 0 1.36 100.00 5 - (17.07) (4.85) -
27 YORK Transport Equipment (Shanghai) Co. Ltd 31st March Apr 1, 2015 RMB 0 19.45 100.00 5 - 16.52 (0.81) -
28 Dutch Lanka Trailer Manufacturing Limited 31st March Apr 1, 2015 USD 15,23,06,150 115.59 100.00 5 - 11.81 1.89 -
29 Dutch Lanka Engineering Private Limited 31st March Apr 1, 2015 LKR 11,50,000 0.56 100.00 5 - 4.54 2.62 -
30 Dutch Lanka Trailer Manufacturers Limited 31st March Apr 1, 2015 OMR 1,05,000 1.47 70.00 5 - 1.51 (0.01) -
REPORTS
31 Hewit Robins International Limited 31st March Apr 1, 2015 GBP 2,000 24.86 100.00 5 - 30.59 3.61 -
STATUTORY
32 Hewit Robins International Holdings Limited 31st March Apr 1, 2015 GBP 200 29.49 100.00 5 - 0.60 - -
33 TRF Singapore Pte Limited 31st March Apr 1, 2015 SGD 5,02,88,324 181.00 100.00 5 - 215.34 (0.78) -
34 TRF Holding Pte Limited 31st March Apr 1, 2015 USD 1 0.00 100.00 5 - (35.93) (5.31) -
35 Malusha Travels Pvt Ltd. Aug 5, 2014 INR 3,352 - 33.23 1 * - - -
36 Metal Corporation of India INR - 42.05 1 * - - -
37 Medica TS Hospital Pvt. Ltd. Aug 5, 2014 INR 2,60,000 0.26 26.00 1 * - - -
65-160

Notes:
1 Controls more than 20% of the total share capital
2 Controls more than 20% of the total share capital and has significant influence over operational and financial decision making
3 Insignificant influence on the financial and operating policy decisions
4 More than 50% stake, instead considered as JV as for decision making unanimous decision of both the shareholders is required.
5 Under the Ind AS regime, subsidiary of an associate/ Joint venture is also an associate/ Joint Venture of the holding company.
* The operations of the companies are not significant and hence are immaterial for consolidation.
@ Closing rate as on March 31, 2017 has been considered for calculation

Names of associates or joint ventures which are yet to commence operations : NIL
FINANCIAL

STATEMENTS
Names of associates or joint ventures which have been liquidated or sold during the year :
1 Corus Kalpinis Simos Cladding Industry SA
2 Appleby Frodingham Cottage Trust Limited
3 Redcar Bulk Terminal Limited
4 TM Harbour Services Private Limited
161-351
For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/- sd/-

N. Chandrasekaran Ishaat Hussain Andrew Robb N O. P. Bhatt Mallika Srinivasan Peter Blauwhoff
Chairman Director Director Director Director Director
(DIN: 00121863) (DIN: 00027891) (DIN: 01911023) (DIN: 00548091) (DIN: 00037022) (DIN: 07728872)

Aman Mehta Deepak Kapoor D. K. Mehrotra Koushik Chatterjee T. V. Narendran Parvatheesam K.
Director Director Director Group Executive Director Managing Director Company Secretary
(DIN: 00009364) (DIN: 00162957) (DIN: 00142711) (Finance, Corporate & Europe) (DIN: 03083605) (ACS: 15921)
(DIN: 00004989)
133
Mumbai, May 16, 2017
INFORMATION ON SUBSIDIARIES, JOINT VENTURES OR ASSOCIATES / SECRETARIAL AUDIT REPORT
ANNEXURE 7
Companies that have become/ceased to be Companys Subsidiaries, Joint Ventures or
Associate Companies
The names of companies which have become Subsidiaries, Joint Ventures or Associate Companies during the year:
S. No. Name of the Company

Subsidiary
1. Norsk Stal Tynplater AB
2. Speciality Steels UK Limited
3. Tata Steel Foundation (Section 8 company)
Associate
1. 9336-0634 Qubec Inc
The names of companies which have ceased to be subsidiaries, joint ventures or associate companies during the year:
S. No. Name of the Company

Subsidiary
1. Bangla Steel & Mining Co. Ltd.
2. Tata Metaliks DI Pipes Limited
3. Almana Steel Dubai (Jersey) Limited
4. British Steel Samson Limited
5. Cladding & Decking (UK) Limited
6. Corus Building Systems SAS
7. Corus Properties (Germany) Limited
8. Corus Republic Of Ireland Subsidiaries Pension Scheme Trustee Limited
9. Firsteel Strip Mill Products Limited
10. Hoogovens (UK) Limited
11. Hoogovens Aluminium UK Limited
12. Hoogovens Finance B.V.
13. Kalzip Guangzhou Limited
14. Longs Steel UK Limited
15. Mistbury Investments Limited
16. Stainless Velsen-Noord BV
17. Tata Steel France Rail SAS
18. Tata Steel UK Rail Consultancy Limited
19. The Steel Company Of Ireland Limited
20. Tuscaloosa Steel Corporation
21. Howse Minerals Ltd.
22. TM Harbour Services Private Limited
23. TSIA Holdings (Thailand) Limited
24. Tata Steel International (Thailand) Limited
Joint Venture
1. Corus Kalpinis Simos Cladding Industry SA
2. Redcar Bulk Terminal Limited
Associate
1. Appleby Frodingham Cottage Trust Limited

sd/-
N. Chandrasekaran
Mumbai Chairman
May 16, 2017 DIN: 00121863

ANNEXURE 8
Form No. MR-3
Secretarial Audit Report for the Financial Year ended March 31, 2017
Pursuant to section 204 (1) of the Companies Act, 2013.
[Read with Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To, (b) The Securities and Exchange Board of India (Prohibition

The Members, of Insider Trading) Regulations, 2015;
Tata Steel Limited
(c) The Securities and Exchange Board of India (Issue of
We have conducted the Secretarial Audit of the compliance Capital and Disclosure Requirements) Regulations,
of applicable statutory provisions and the adherence to good 2009 and amendments from time to time;
corporate practices by Tata Steel Limited (hereinafter called the
(d) The Securities and Exchange Board of India (Employee
Company). Secretarial Audit was conducted in a manner that
Stock Option Scheme and Employee Stock Purchase
provided us a reasonable basis for evaluating the corporate
Scheme) Guidelines, 1999 and The Securities and
conducts/statutory compliances and expressing our opinion
Exchange Board of India (Share Based Employee
thereon.
Benefits) Regulations, 2014; (Not applicable to the
Based on our verification of the Companys books, papers, minute Company during the audit period)
books, forms and returns filed and other records maintained by the
(e) The Securities and Exchange Board of India (Issue and
Company, the information provided by the Company, its officers,
Listing of Debt Securities) Regulations, 2008;
agents and authorised representatives during the conduct of
Secretarial Audit, the explanations and clarifications given to us and (f ) The Securities and Exchange Board of India (Registrars
the representations made by the Management, we hereby report to an Issue and Share Transfer Agents) Regulations,
that in our opinion, the Company has, during the audit period 1993 regarding the Companies Act and dealing with
covering the financial year ended on March 31, 2017, generally client; (Not applicable to the Company during the audit
complied with the statutory provisions listed hereunder and also period)
that the Company has proper Board processes and compliance
(g) The Securities and Exchange Board of India (Delisting of
mechanism in place to the extent, in the manner and subject to the
Equity Shares) Regulations, 2009; (Not applicable to the
reporting made hereinafter:
Company during the audit period) and
We have examined the books, papers, minute books, forms and
(h) The Securities and Exchange Board of India (Buyback
returns filed and other records made available to us and maintained
of Securities) Regulations, 1998; (Not applicable to the
by the Company for the financial year ended on March 31, 2017
Company during the audit period)
according to the provisions of:
(vi) Other laws applicable specifically to the Company namely:
(i) The Companies Act, 2013 (the Act) and the rules made
thereunder; 1. The Mines Act, 1952 and the rules, regulations made
thereunder.
(ii) The Securities Contract (Regulation) Act, 1956 (SCRA) and
the rules made thereunder; 2. Mines and Minerals (Development & Regulation) Act,
1957 and the rules made thereunder.
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws
framed thereunder; 3. Air (Prevention and Control of Pollution) Act, 1981 and
the rules and standards made thereunder.
(iv)
Foreign Exchange Management Act, 1999 and the rules
and regulations made thereunder to the extent of Foreign 4. Water (Prevention and Control of Pollution) Act, 1974
Direct Investment, Overseas Direct Investment and External and Water (Prevention and Control of Pollution) Rules,
Commercial Borrowings; 1975
(v)
The following Regulations and Guidelines prescribed 5.
Environment Protection Act, 1986 and the rules,
under the Securities and Exchange Board of India Act, 1992 notifications issued thereunder.
(SEBI Act)
6. Factories Act, 1948 and allied State Laws.
(a) The Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulations, 2011;

SECRETARIAL AUDIT REPORT / EXTRACT OF ANNUAL RETURN
We have also examined compliance with the applicable clauses of Majority decision is carried through while the dissenting members
the following: views are captured and recorded as part of the Minutes of the
Meetings.
(i) Secretarial Standards issued by The Institute of Company
Secretaries of India with respect to board and general We further report that there are adequate systems and processes
meetings. in the Company commensurate with the size and operations of the
Company to monitor and ensure compliance with applicable laws,
(ii) The Listing Agreements entered into by the Company with
rules, regulations and guidelines.
BSE Limited and National Stock Exchange of India Limited
read with the Securities and Exchange Board of India (Listing We further report that during the audit period the Company had
Obligations and Disclosure Requirements) Regulations, 2015. following events which had bearing on the Companys affairs in
pursuance of the above referred laws, rules, regulations, guidelines,
During the period under review, the Company has complied with
standards etc.
the provisions of the Act, Rules, Regulations, Guidelines, standards
etc. mentioned above (i) The Company issued Unsecured Redeemable Non-Convertible
Debentures aggregating to `1,000 crore.
We further report that:
(ii)
The Company redeemed Non-Convertible Debentures
The Board of Directors of the Company is duly constituted with
aggregating to `416.67 crore.
proper balance of Executive Directors, Non-Executive Directors
and Independent Directors. The changes in the composition of the For Parikh & Associates
Board of Directors that took place during the period under review Company Secretaries
were carried out in compliance with the provisions of the Act.
sd/-
Adequate notice was given to all directors to schedule the Board P. N. Parikh
Meetings, agenda and detailed notes on agenda were sent at Place: Mumbai Partner
least seven days in advance for meetings other than those held Date : May 16, 2017 FCS No: 327 CP No: 1228
at shorter notice, and a system exists for seeking and obtaining
further information and clarifications on the agenda items before
This Report is to be read with our letter of even date which is
the meeting and for meaningful participation at the meeting.
annexed as Annexure A and Forms an integral part of this report.
Annexure A 4.
Wherever required, we have obtained the Management
Representation about the Compliance of laws, rules and
To, regulations and happening of events etc.
The Members
5.
The Compliance of the provisions of Corporate and
Tata Steel Limited
other applicable laws, rules, regulations, standards is the
Our report of even date is to be read along with this letter. responsibility of Management. Our examination was limited
to the verification of procedure on test basis.
1. Maintenance of secretarial record is the responsibility of the
Management of the Company. Our responsibility is to express 6. The Secretarial Audit report is neither an assurance as to
an opinion on these secretarial records based on our audit. the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted
2. We have followed the audit practices and process as were
the affairs of the Company.
appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. The
verification was done on test basis to ensure that correct
facts are reflected in secretarial records. We believe that the For Parikh & Associates
Company Secretaries
process and practices, we followed provide a reasonable
basis for our opinion.
sd/-
3. We have not verified the correctness and appropriateness of P. N. Parikh
financial records and Books of Accounts of the Company. Place: Mumbai Partner
Date : May 16, 2017 FCS No: 327 CP No: 1228

ANNEXURE 9
Form No. MGT 9
Extract of Annual Return as on March 31, 2017
Pursuant to Section 92(3) of the Companies Act, 2013.
[Read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS

Company
CIN : L27100MH1907PLC000260
Registration Date : August 26, 1907
Name : Tata Steel Limited
Category/Sub-category : Public listed company having share capital
Registered office Address : Bombay House, 24 Homi Mody Street, Fort,
Mumbai-400 001
Contact details : Phone No. +91 22 6665 8282, Fax No. +91 22 6665 7724
Whether listed company Yes/No : Yes
Registrar and Transfer Agent
Name : TSR Darashaw Limited
Address : 6-10, Haji Moosa Patrawala Industrial Estate, 20,
Dr. E. Moses Road, Mahalaxmi, Mumbai-400 011
Contact details : Phone No. +91 22 6656 8484, Fax No. +91 22 6656 8494
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the Company shall be stated.
Sr. No. Name and Description of main products NIC Code of the Products % to total turnover of the Company
1 Manufacturing of steel and steel products 330 89%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sl. No. Name and address of the Company Holding (%)
Subsidiary companies (Pursuant to Section 2 (87)(ii) of Companies Act, 2013)
ABJA Investment Co. Pte Ltd.
1. 100.00
22 Tanjong Kling Road, Singapore 628048
Adityapur Toll Bridge Company Limited
2. Aiada Vikash Bhawan, Adityapur, Jamshedpur-831 013 88.50
CIN: U45201JH1996PLC007124
Tata Steel Special Economic Zone Limited
3. 2-B Fortune Towers, Chandrasekharpur, Bhubaneswar-751 023 100.00
CIN: U45201OR2006PLC008971
Indian Steel & Wire Products Ltd.
4. 7 Red Cross Place, Kolkata-700 001 95.01
CIN: U27106WB1935PLC008447
Jamshedpur Continuous Annealing & Processing Company Private Limited
5. Tata Centre, 43, Jawaharlal Nehru Road, Kolkata-700 071 51.00
CIN: U27310WB2011PTC160845
Jamshedpur Utilities & Services Company Limited
6. Sakchi Boulevard Road, Northerntown, Bistupur, Jamshedpur-831 001 100.00
CIN: U45200JH2003PLC010315
Haldia Water Management Limited
7. Shakti Palace, Plot No 492 (Old) & 784 (New), 2nd Floor, Mouza, Khanjanchak Haldia-721 602, West Bengal 60.00
CIN: U74140WB2008PLC126534
Naba Diganta Water Management Limited
8. Gn 11-19, Sector-V, Salt Lake, Kolkata-700 091 74.00
CIN: U93010WB2008PLC121573

EXTRACT OF ANNUAL RETURN

SEZ Adityapur Limited
9. Sakchi Boulevard Road, Northern Town, Jamshedpur-831 005 51.00
CIN: U45200JH2006PLC012633
Mohar Export Services Pvt. Ltd
10. Bank of Baroda Bldg, Bombay Samachar Marg, Mumbai-400 001 66.46
CIN: U51900MH1988PTC049518
NatSteel Asia Pte. Ltd.
11. 100.00
TS Asia (Hong Kong) Ltd.
12. 100.00
Room 807, 8/F, Tower 1, Enterprise Square 1, No. 9 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong
Rujuvalika Investments Limited
13. Bombay House 3rd Flr, 24 Homi Mody Street, Mumbai-400 001 100.00
CIN: U67120MH1988PLC049872
T M Mining Company Limited
14. Tata Centre, 43 Jawaharlal Nehru Road, Kolkata-700 071 74.00
CIN: U13100WB2010PLC156401
T S Alloys Limited
15. N-3/24, IRC Village, Nayapalli, Bhubaneswar-751 015 (Odisha) 100.00
CIN: U27109OR2004PLC009683
Tata Korf Engineering Services Ltd.
16. Tandem Apartment, 3rd Floor, Flat No.14, 52E, Ballygunge, Circular Road, Kolkata-700 019 100.00
CIN: U74210WB1985PLC039675
Tata Metaliks Ltd.
17. Tata Centre, 10th Floor, 43, J L Nehru Road, Kolkata-700 071 50.09
CIN: L27310WB1990PLC050000
Tata Sponge Iron Limited
18. P.O. Joda, Dist- Keonjhar, Odisha-758 034 54.50
CIN: L27102OR1982PLC001091
TSIL Energy Limited
19. Tata Sponge Administrative Building, Bileipada, P.O. Baneikala, Odisha-758 038 100.00
CIN: U40109OR2012PLC016232
Tata Steel (KZN) (Pty) Ltd.
20. 90.00
22 Bronze Bar Road, Alton North, Richards Bay-3900, South Africa
T Steel Holdings Pte. Ltd.
21. 100.00
T S Global Holdings Pte. Ltd.
22. 100.00
Orchid Netherlands (No.1) B.V.
23. 100.00
Wenckebachstraat 1, 1951 Jz, Velsen-Noord, Netherlands
NatSteel Holdings Pte. Ltd.
24. 100.00
Easteel Services (M) Sdn. Bhd.
25. 100.00
Suite 6.1A, Level 6, Menara Pelangi, Jalan Kuning, Taman Pelangi, 80400 Johor Bahru, Johor, Malaysia
Eastern Steel Fabricators Philippines, Inc.
26. 67.00
212 Barrio Bagbaguin, Meycauayan, Bulacan, Philippines
NatSteel (Xiamen) Ltd.
27. No. 19, Jiangang Road, Haicang South Industrial District, Xiamen, Fujian Province, Peoples Republic of 100.00
China, Postcode 361026
NatSteel Recycling Pte Ltd.
28. 100.00
NatSteel Trade International (Shanghai) Company Ltd.
29. Room No. 328, No. 500 Bingke Road, Wai Gaoqiao Free Trade Zone, Pudong, Shanghai, Peoples Republic of 100.00
China
NatSteel Trade International Pte. Ltd.
30. 100.00
22, Tanjong Kling Road, Singapore 628048
NatSteel Vina Co. Ltd.
31. 56.50
Luu Xa, Cam Gia Ward, Thai Nguyen City, Thai Nguyen Province, Vietnam


The Siam Industrial Wire Company Ltd.
32. 14th Floor, Rasa Tower, 555 Phaholyothin Road, Kwaeng Chatuchak, Khet Chatuchak, Bangkok 10900 100.00
Thailand
TSN Wires Co., Ltd.
33. 14th Floor, Rasa Tower, 555 Phaholyothin Road, Kwaeng Chatuchak, Khet Chatuchak, Bangkok 10900 60.00
Thailand
Tata Steel Europe Limited
34. 100.00
30 Millbank, London, SW1P 4WY
Apollo Metals Limited
35. 100.00
14th Avenue, Bethlehem, 18018-0045, USA
Augusta Grundstucks GmbH
36. 100.00
Am Trippelsberg 48, Dusseldorf 40589, Germany
Automotive Laser Technologies Limited
37. 100.00
B S Pension Fund Trustee Limited
38. 100.00
17th Floor, 125, Old Broad Street, London, EC2 N1AR
Beheermaatschappij Industriele Produkten B.V.
39. 100.00
Wenckebachstraat 1, 1970 CA Velsen-Noord, Netherlands
Bell & Harwood Limited
40. 100.00
Blastmega Limited
41. 100.00
Blume Stahlservice GmbH
42. 100.00
Umschlag 10, Mulheim 45478, Germany
Blume Stahlservice Polska Sp. Z.O.O
43. 100.00
Ul.Grota Roweckiego, 41-214 Sosnowiec, Poland
Bore Samson Group Limited
44. 100.00
Bore Steel Limited
45. 100.00
British Guide Rails Limited
46. 100.00
British Steel Corporation Limited
47. 100.00
British Steel Directors (Nominees) Limited
48. 100.00
British Steel Engineering Steels (Exports) Limited
49. 100.00
British Steel Nederland International B.V.
50. 100.00
British Steel Service Centres Limited
51. 100.00
British Tubes Stockholding Limited
52. 100.00
C V Benine
53. 76.92
Schenkkade 65, 2595 AS Den Haag, Netherlands
C Walker & Sons Limited
54. 100.00
Catnic GmbH
55. 100.00
Am Leitzenbach 16, 74889 Sinsheim, Germany
Catnic Limited
56. 100.00
CBS Investissements SAS
57. 100.00
Rue Geo Lufbery, Chauny 02300, France
Cogent Power Inc.
58. 100.00
845 Laurentian Drive, Burlington, Ontario, Canada L7N 3W7
Tata Steel International Mexico SA de CV
59. 100.00
Era 102, Real de Anhuac, 66600 Ciudad Apodaca, Nuevo Len, Mexico


Cogent Power Inc.
60. c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, 100.00
New Castle County, USA
Cogent Power Limited
61. 100.00
Orb Works, Stephenson Street, Newport, Gwent, NP19 0RB
Color Steels Limited
62. 100.00
Corbeil Les Rives SCI
63. 67.30
Rue Decauville, Corbeil Essonnes 91100, France
Corby (Northants) & District Water Company Limited
64. 100.00
C/o TSUK, PO Box 101, Weldon Road, Corby, Northamptonshire, NN17 5UA
Cordor (C& B) Limited
65. 100.00
Corus Aluminium Verwaltungsgesellschaft Mbh
66. 100.00
Corus Beteiligungs GmbH
67. 100.00
Corus Building Systems Bulgaria AD
68. 65.00
1, Grivishkoshose, Pleven 5800, Bulgaria
Corus CNBV Investments
69. 100.00
Corus Cold drawn Tubes Limited
70. 100.00
Corus Engineering Steels (UK) Limited
71. 100.00
Corus Engineering Steels Holdings Limited
72. 100.00
Corus Engineering Steels Limited
73. 100.00
Corus Engineering Steels Overseas Holdings Limited
74. 100.00
Corus Engineering Steels Pension Scheme Trustee Limited
75. 100.00
Corus Group Limited
76. 100.00
Corus Holdings Limited
77. 100.00
15 Atholl Crescent, Edinburgh, EH3 8HA
Corus International (Overseas Holdings) Limited
78. 100.00
Corus International Limited
79. 100.00
Corus International Romania SRL.
80. 100.00
Bucaresti, Sector 1, Calea Floreasca, Nr. 169A, Corp A, Etaj 4, Birou 2038, Romania
Corus Investments Limited
81. 100.00
Corus Ireland Limited
82. 100.00
KPMG, 1 Stokes Place, St Stephens Green, Dublin 2, Ireland
Corus Large Diameter Pipes Limited
83. 100.00
Corus Liaison Services (India) Limited
84. 100.00
Corus Management Limited
85. 100.00
Corus Primary Aluminium B.V.
86. 100.00
Corus Property
87. 100.00


Corus Service Centre Limited
88. 100.00
Corus Steel Service STP LLC
89. 100.00
34, Letter A, 9-th line, V.O., Saint Petersburg, 199004, Business centre Magnus, Saint Petersburg
Corus Tubes Poland Spolka Z.O.O
90. 100.00
Ul. Grabiszynska, Wroclaw 43-234, Poland
Corus UK Healthcare Trustee Limited
91. 100.00
Corus Ukraine Limited Liability Company
92. 100.00
Office 16, Building 11/23B, Chekhivskiy Provulok/Vorovskogo Street, 01054 Kiev, Ukraine
CPN (85) Limited
93. 100.00
Crucible Insurance Company Limited
94. 100.00
35/37, Athol Street, Douglas, Isle of Man
Degels GmbH
95. 100.00
Demka B.V.
96. 100.00
DSRM Group Plc.
97. 100.00
Eric Olsson & Soner Forvaltnings AB
98. 100.00
Sliparegatan 5, 302 60 Halmstad, Sweden
Esmil B.V.
99. 100.00
Europressings Limited
100. 100.00
Firsteel Group Limited
101. 100.00
Firsteel Holdings Limited
102. 100.00
Fischer Profil GmbH
103. 100.00
Waldstrasse 67, 57250 Netphen, Germany
Gamble Simms Metals Limited
104. 100.00
Tata Steel Service Centre, Steel House, Bluebell Industrial Estate, Bluebell Avenue, Dublin 12
Grant Lyon Eagre Limited
105. 100.00
H E Samson Limited
106. 100.00
Hadfields Holdings Limited
107. 62.50
Halmstad Steel Service Centre AB
108. 100.00
Turbingatan 1, Halmstad, Sweden
Hammermega Limited
109. 100.00
Harrowmills Properties Limited
110. 100.00
Hille & Muller GmbH
111. 100.00
Hille & Muller USA Inc.
112. 100.00
Delaware Avenue N.W., Warren, 44485 Ohio, USA
Hoogovens USA Inc.
113. 100.00
1209 Orange Street, Wilmington, New Castle, Delaware, 19801 USA
Huizenbezit Breesaap B.V.
114. 100.00
Ickles Cottage Trust Limited
115. 100.00
Stocksbridge Works, Manchester Road, Sheffield, South Yorkshire, S36 2JA


Inter Metal Distribution SAS
116. 100.00
3 Allee des Barbanniers, 92632 Gennevilliers Cedex, France
Kalzip Asia Pte Limited
117. 100.00
25 Pioneer Crescent, Singapore 628554
Kalzip FZE
118. 100.00
PO Box 18294, Jebel Ali, Dubai, UAE
Kalzip GmbH
119. 100.00
August Horchstrasse 20-22, Koblenz 56070, Germany
Kalzip GmbH
120. 100.00
Gusshausstrasse 4, Wien 1040, Austria
Kalzip Inc
121. 100.00
Wilmington Trust SP Services Inc. 1105 North Market Place, Wilmington, DE 19899, USA
Kalzip India Private Limited
122. Unit 310, 3rd Floor, Vipul Agora Building, M.G. Road, Gurgaon, Delhi-122002 100.00
CIN: U28920HR1960PTC043655
Kalzip Italy SRL
123. 100.00
Via Santa Radegonda 11, Milan, 20121, Italy
Kalzip Limited
124. 100.00
Haydock Lane, Haydock, St. Helens, Merseyside, WA11 9TY
Kalzip Spain S.L.U.
125. 100.00
Rosario Pino, 14-16, Torre Rioja, 28020 Madrid, Spain
Layde Steel S.L.
126. 100.00
Bo Eguzkitza, 11, Ctra. Durango-Elorrio Km 1, 48200 Durango, Bizkaia, Spain
Lister Tubes Limited
127. 100.00
London Works Steel Company Limited
128. 100.00
Midland Steel Supplies Limited
129. 100.00
Montana Bausysteme AG
130. 100.00
Durisolstrasse 11, Villmergen 5612, Switzerland
Naantali Steel Service Centre OY
131. 100.00
Ratakatu 5, Naantali, 21110, Finland
Nationwide Steelstock Limited
132. 100.00
Norsk Stal Tynnplater AS
133. 100.00
Habornveien 60, PO Box 1403, N 1631 Gamle Fredrikstad, Norway
Norsk Stal Tynnplater AB
134. 100.00
stra Rnneholmsv, 11B, Malm, 211-47, Sweden
Orb Electrical Steels Limited
135. 100.00
Orb Works, Stephenson Street, Newport, NP19 0RB
Ore Carriers Limited
136. 100.00
Oremco Inc.
137. 100.00
60 E42 Street, New York 10165, USA
Plated Strip (International) Limited
138. 100.00
Precoat International Limited
139. 100.00
Precoat Limited
140. 100.00
Rafferty-Brown Steel Co Inc Of Conn.
141. 100.00
2711 Centerville Road, Ste 400 Wilmington, 19808 USA
Round Oak Steelworks Limited
142. 100.00


Runblast Limited
143. 100.00
Runmega Limited
144. 100.00
S A B Profiel B.V.
145. 100.00
Produktieweg 2, 3401 MG IJsselstein, Netherlands
S A B Profil GmbH
146. 100.00
Industriestrasse 13, Niederaula, 36272 Germany
Seamless Tubes Limited
147. 100.00
Service Center Gelsenkirchen GmbH
148. 100.00
Service Centre Maastricht B.V.
149. 100.00
Fregatweg 42, 6222 NZ Maastricht, Netherlands
Skruv Erik AB
150. 100.00
Societe Europeenne De Galvanisation (Segal) Sa
151. 100.00
Chassee de Ramioul 50, Flemalle, Ivoz Ramet, 4400 Belgium
152. Speciality Steels UK Limited 100.00
Staalverwerking en Handel B.V.
153. 100.00
Steel StockHoldings Limited
154. 100.00
Steelstock Limited
155. 100.00
Stewarts & Lloyds Of Ireland Limited
156. 100.00
1 Stokes Place, St Stephens Green, Dublin 2, Ireland
Stewarts And Lloyds (Overseas) Limited
157. 100.00
Stocksbridge Works Cottage Trust Limited
158. 100.00
Tata Steel Speciality Steels, PO Box 50, Aldwarke Lane, Rotherham, England, S60 1DW
Surahammar Bruks AB
159. 100.00
Box 201, SE-735 23, Surahammar, Sweden
Swinden Housing Association Limited
160. 100.00
Swinden House, Moorgate, Rotherham, S60 3AR, UK
Tata Steel Belgium Packaging Steels N.V.
161. 100.00
Walemstraat 38, Duffel 2570, Belgium
Tata Steel Belgium Services N.V.
162. 100.00
Coremansstraat 34, Berchem 2600, Belgium
Tata Steel Denmark Byggsystemer A/S
163. 100.00
Kaarsbergsvej 2, DK-8400 Ebeltoft, Denmark
Tata Steel Europe Distribution BV
164. 100.00
Tata Steel Europe Metals Trading BV
165. 100.00
Tata Steel France Batiment et Systemes SAS
166. 100.00
Rue Geo Lufbery, BP 103, Chauny 02301, France
Tata Steel France Holdings SAS
167. 100.00
3, Allee des Barbanniers, Gennevilliers 92632, France
Tata Steel Germany GmbH
168. 100.00
Tata Steel IJmuiden BV
169. 100.00
Tata Steel International (Americas) Holdings Inc
170. 100.00
Wilmington Trust SP Services Inc. 1105 North Market Place, Wilmington, DE 19899, USA
Tata Steel International (Americas) Inc
171. 100.00
CT Corporation System 111 Eighth Avenue, New York, NY 10011, USA


Tata Steel International (Benelux) BV
172. 100.00
Ankerkade 71, 6222 NL Maastricht, Netherlands
Tata Steel International (Canada) Holdings Inc
173. 100.00
c/o Fraser Milner Casgrain, 1 Place Villa-Marie, 39th Floor, Montreal, Quebec Canada H3B 4M7
Tata Steel International (Czech Republic) S.R.O
174. 100.00
1st Floor, Mala Stepanska 9, 120 00 Prague 2, Czech Republic
Tata Steel International (Denmark) A/S
175. 100.00
Frederiksborgvej 23, 3520 Farum, Denmark
Tata Steel International (Finland) OY
176. 100.00
Hitsaajankatu 22, 00810 Helsinki, Finland
Tata Steel International (France) SAS
177. 100.00
3, Allee des Barbanniers, Gennevilliers 92632, France
Tata Steel International (Germany) GmbH
178. 100.00
Tata Steel International (South America) Representaes LTDA
179. 100.00
CT Corporation System 111 Eighth Avenue, New York, NY 10011, USA
Tata Steel International Hellas SA
180. 100.00
5 Pigis Avenue, Melissia, Athens, Greece
Tata Steel International (Italia) SRL
181. 100.00
Via G.G. Winckelmann 2, Milano 20146, Italy
Tata Steel International (Middle East) FZE
182. 100.00
PO Box 18294, Jebel Ali, Dubai, UAE
Tata Steel International (Nigeria) Ltd.
183. 100.00
Block 69A, Plot B, Admiralty Way, Lekki, Phase 1, Lagos, Nigeria
Tata Steel International (Poland) sp Zoo
184. 100.00
Ul. Piastowska 7, 40-005 Katowice, Poland
Tata Steel International (Schweiz) AG
185. 100.00
Wartenbergstrasse 40, Basel 4052, Switzerland
Tata Steel International (Sweden) AB
186. 100.00
Barlastgatan 2, SE-414 63 Goteborg, Sweden
Tata Steel International (India) Limited
187. 3rd Floor, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai 400001 100.00
CIN: U74900MH2005PLC151710
Tata Steel International Iberica SA
188. 100.00
Rosario Pino 14-16 Torre Rioja 28020 Madrid, Spain
Tata Steel Istanbul Metal Sanayi ve Ticaret AS
189. 100.00
Ankara Asfalti Yan Yol No. 39, Yacacik, Istanbul 81450, Turkey
Tata Steel Latvia Building Systems SIA
190. 100.00
Darzciema Iela 60, Riga LV1073, Latvia
Tata Steel Maubeuge SAS
191. 100.00
22, Avenue Abbe Jean de Beco, Louvroil 59720, France
Tata Steel Nederland BV
192. 100.00
Tata Steel Nederland Consulting & Technical Services BV
193. 100.00
Tata Steel Nederland Services BV
194. 100.00
Tata Steel Nederland Star-Frame BV
195. 100.00
Tata Steel Nederland Technology BV
196. 100.00
Tata Steel Nederland Tubes BV
197. 100.00
Souvereinstraat 33, 4903 RH Oosterhout, Netherlands
Tata Steel Netherlands Holdings B.V.
198. 100.00
Tata Steel Norway Byggsystemer A/S
199. 100.00
Roraskogen 2, N 3739 Skien, Norway


Tata Steel Speciality Service Centre Suzhou Co. Limited
200. 100.00
Unit A, Building No. 5, No. 1 Qiming Road, Free Trade Zone B, Suzhou Industrial Park, Suzhou, China
Tata Steel Sweden Byggsystem AB
201. 100.00
Tata Steel Speciality Service Centre Xian Co. Limited
202. A2-1, Xian Bonded Logistics Centre, 88 Gangu Avenue, Xiann International Trade & Logistics Park, Xian, 100.00
Shaanxi, China
Tata Steel UK Consulting Limited
203. 100.00
Tata Steel UK Holdings Limited
204. 100.00
Tata Steel UK Limited
205. 100.00
Tata Steel USA Inc.
206. 100.00
475 N Martingale Road, Suite 400, Schaumburg 60173, USA
The Newport And South Wales Tube Company Limited
207. 100.00
The Stanton Housing Company Limited
208. 100.00
The Templeborough Rolling Mills Limited
209. 100.00
Thomas Processing Company
210. 100.00
Thomas Steel Strip Corp.
211. 100.00
Toronto Industrial Fabrications Limited
212. 100.00
Trier Walzwerk
213. Bruhlstrasse 14/15, Trier 54295, Germany 100.00
TS South Africa Sales Office Proprietary Limited
214. 100.00
1st Floor, Kamogelo Suites, 39 Lakefield Avenue, Benoni, Johannesburg 1501
Tulip UK Holdings (No. 2) Limited
215. 100.00
Tulip UK Holdings (No. 3) Limited
216. 100.00
U.E.S. Bright Bar Limited
217. 100.00
UK Steel Enterprise Limited
218. 100.00
The Innovation Centre 217 Portobello, Sheffield S1 4DP
UKSE Fund Managers Limited
219. 100.00
The Innovation Centre 217 Portobello, Sheffield S1 4DP
Unitol SAS
220. 100.00
1 Rue Fernand Raynaud, Corbeil Essonnes 91814, France
Walker Manufacturing And Investments Limited
221. 100.00
Walkersteelstock Ireland Limited
222. 100.00
Walkersteelstock Limited
223. 100.00
Westwood Steel Services Limited
224. 100.00
Whitehead (Narrow Strip) Limited
225. 100.00
T S Global Minerals Holdings Pte Ltd.
226. 100.00
22 Tanjong Kling Road Singapore 628048
Al Rimal Mining LLC
227. 70.00
P O Box 54, Muscat, Sultanate of Oman, Postal Code 100


Black Ginger 461 (Proprietary) Ltd.
228. 100.00
39, Ferguson Road, Illovo 2196, Johannesburg, South Africa
Kalimati Coal Company Pty. Ltd.
229. 100.00
Level 1, 12 Creek Street, Brisbane Qld 4000
Sedibeng Iron Ore Pty. Ltd.
230. 64.00
39, Ferguson Road, Illovo 2196, Johannesburg, South Africa
Tata Steel Cote Divoire S.A
231. 85.00
Lot 50, Ilot 4, Cocody Mermoz, 01 Po Box 5871 Abidjan 01
TSMUK Limited
232. 100.00
18 Grosvenor Place, London, SW1X 7HS
Tata Steel Minerals Canada Limited
233. 77.68
Park Place, 666 Burrard Street, Suite 1700, Vancouver, BC V6C 2X8
T S Canada Capital Limited
234. 100.00
Park Place, 666 Burrard Street, Suite 1700, Vancouver, BC V6C 2X8
Tata Steel International (Singapore) Holdings Pte. Ltd.
235. 100.00
Tata Steel International (Shanghai) Ltd.
236. 100.00
Room 2006, No. 568 Hengfeng Road, Zhabei District, 200070, Shanghai, China
Tata Steel International (Singapore) Pte. Ltd.
237. 100.00
Tata Steel International (Asia) Limited
238. 100.00
Unit 603B, Empire Centre, 68 Mody Road, Tsim Sha Tsui East, Kowloon, Hong Kong
Tata Steel (Thailand) Public Company Ltd.
239. 67.90
555 Rasa Tower 2, 20th Floor, Phaholyothin Road, Chatuchak, Bangkok 10900, Thailand
N.T.S Steel Group Plc.
240. No. 351, Moo 6, 331 Highway, Hemaraj Chonburi Industrial Estate, Bowin, Sriracha, Chonburi 20230, 99.76
Thailand
The Siam Construction Steel Co. Ltd.
241. 99.99
Plot 1-23, Map Ta Phut Industrial Estate, Amphur Muang, Rayong 21150, Thailand
The Siam Iron And Steel (2001) Co. Ltd.
242. 99.99
No. 49 Moo 11, Tambon Bang Khamode, Ampher Ban Mor, Saraburi 18270, Thailand
T S Global Procurement Company Pte. Ltd.
243. 100.00
ProCo Issuer Pte. Ltd.
244. 100.00
Tata Steel Odisha Limited
245. Bombay House, 24, Homi Mody Street, Fort, Mumbai-400 001 100.00
CIN: U27310MH2012PLC232512
Tata Steel Processing and Distribution Limited
246. Tata Centre, 43 Chowringhee Road, Kolkata-700 071 100.00
CIN: U27109WB1997PLC084005
Tayo Rolls Limited
247. Annex-2, General Office Premises, Tata Steel Limited, Bistupur, Jamshedpur-831 001 54.91
CIN: L27105JH1968PLC000818
TM International Logistics Limited
248. 43 J L Nehru Road, Tata Centre, Kolkata-700 071 51.00
CIN: U63090WB2002PLC094134
International Shipping and Logistics FZE
249. 100.00
Office No. TPOFCA0140, P O Box : 18490, Jebel Ali, Dubai United Arab Emirates
TKM Global China Ltd.
250. 100.00
Unit G, Floor 11, Hengji Mansion, No. 99 Huai Hai East Road, Shanghai - 200021, P.R. China
TKM Global GmbH
251. 100.00
Spladingstrasse 210, 20097 Hanburg, Germany
TKM Global Logistics Limited
252. Tata Centre, 43, Jawaharlal Nehru Road, Kolkata-700 071 100.00
CIN: U51109WB1991PLC051941


Tata Pigments Limited
253. Sakchi Boulevard, Jamshedpur-831 002 100.00
CIN: U24100JH1983PLC001836
The Tinplate Company of India Ltd.
254. 4, Bankshall Street, Kolkata-700 001 74.96
CIN: L2811WB1920PLC003606
Tata Steel Foundation
255. 6th Floor, One Forbes, No. 1, Dr. V. B. Gandhi Marg, Fort, Mumbai 400 001 100.00
CIN: U85300MH2016NPL284815
Associate companies (Pursuant to Section 2(6) of Companies Act, 2013)
Industrial Energy Limited
C/O - The Tata Power Company Limited, Corporate Center B, 34 Sant Tukaram Road, Carnac Bunder,
1. 26.00
Mumbai-400 009, Maharashtra, India
CIN: U74999MH2007PLC167623
Jamipol Limited
2. Namdih Road, Burmamines, Jamshedpur-831007 39.78
CIN: U24111JH1995PLC009020
Kalinga Aquatics Ltd.
3. 259, Sipasurubali, Puri, Odisha 30.00
CIN: U05004OR1989PLC002356
Kumardhubi Fireclay & Silica Works Ltd.
4. Chartered Bank Building, 4, Netaji Subhash Road, Kolkata, West Bengal-700 001 27.78
CIN: U45209WB1915PLC002601
Kumardhubi Metal Casting & Engineering Limited
5. Xlri Campus, Circuit House, Area, Jamshedpur, Jharkhand-831 001 49.31
CIN: U27100JH1983PLC001890
Nicco Jubilee Park Limited
6. Jheel Meel, Sector-IV, Salt Lake City, Kolkata, West Bengal-700 106 25.31
CIN: U45201WB2001PLC092842
Strategic Energy Technology Systems Private Limited
7. 24, Bombay House, First Floor, Homi Mody Street, Mumbai-400 001 25.00
CIN: U72900MH2006PTC163193
8. Tata Construction & Projects Ltd.
27.19
6 A Middleton Street, Kolkata-700 071
TRL Krosaki Refractories Limited
9. PO: Belpahar, Dist. - Jharsuguda, Odisha-768 218, India 26.62
CIN: U26921OR1958PLC000349
TRF Limited
10. 11, Station Road, Burmamines, Jamshedpur-831 007, Jharkhand 34.11
CIN: L74210JH1962PLC000700
Malusha Travels Pvt Ltd.
11. Bank of Baroda Bldg, Bombay Samachar Marg, Mumbai-400 001, Maharashtra 33.23
CIN: U63040MH1988PTC049514
Medica TS Hospital Pvt. Ltd.
12. S-125, Maitri Vihar, P. O. - Rail Vihar, P. S. Chandrasekharpur, Bhubaneswar-751 023, Odisha 26.00
CIN: U85110OR2014PTC018162
European Profiles (M) Sdn. Bhd.
13. 20.00
C-19-3a, Dataran 32, No. 2, Jalan 19/1, 46300 Petaling Jaya, Selangor Darul Ehsan
Albi Profils SRL
14. 30.00
Zone Industrielle Dalbi-Jarlard, Rue Lebon, 8100 Albi, France
GietWalsOnderhoudCombinatie B.V.
15. 50.00
Staalstraat 150, 1951 Jp Velsen-Noord, Netherlands
Hoogovens Court Roll Service Technologies VOF
16. 50.00
Wenckebachstraat 1, 1951 Jz Velsen-Noord, Netherlands
Hoogovens Gan Multimedia S.A. De C.V.
17. 50.00
Zaragoza 1300, Sur 6400, Monterrey, 82235, Mexico

Associate companies (Pursuant to Section 2(6) of Companies Act, 2013)

ISSB Limited
18. 50.00
Corinthian House, 17 Lansdowne Road, Croydon, Greater London, England, CR0 2BX
Wupperman Staal Nederland B.V.
19. 30.00
Vlasweg 19, 4782 PW Moerdijk, Netherlands
New Millennium Iron Corp.
20. 26.18
1000 - 250 2nd Street SW, Calgary AB, Canada
9336-0634 Qubec Inc
21. 33.33
720-900 BOUL. Ren-Lvesque Est, Qubec, G1R2B5, Canada
Metal Corporation of India Limited
22. First Floor, Wallfort Ozone Fafadik Chowk, Raipur 492009 42.05
CIN: U27100CT2010PLC021760
Bhubaneshwar Power Private Limited
23. Golden Edifice, 1st Floor, Opp: Visweswaraya Statue, Khairatabad Circle, Hyderabad-500 004 26.00
CIN: U40109TG2006PTC050759
Himalaya Steel Mills Services Private Limited
24. Ground Floor, Rings & Agrico Building Armoury Road Northern Town, Jamshedpur, Jharkhand, 831001 26.00
CIN: U74900JH2009PTC000689
mjunction services limited
25. Tata Centre,43 J L Nehru Road, Kolkata - 700 071 50.00
CIN: U00000WB2001PLC115841
S & T Mining Company Private Limited
26. Tata Centre, 1st Floor, 43, J. L. Nehru Road, Kolkata - 700 071 ( W.B.) 50.00
CIN: U13100WB2008PTC129436
Tata BlueScope Steel Limited
27. Metrolpolitan, Survey No. 21, Final Plot No. 27, Wakdewadi, Shivaji Nagar, Pune 411005 50.00
CIN: U45209PN2005PLC020270
Tata NYK Shipping Pte Ltd.
28. 50.00
11, Keppel Road #10-03, ABI Plaza, Singapore 089057
TVSC Construction Steel Solutions Limited
29. 50.00
Rooms 4903-7, 49/F, Hopewell Centre, No. 183 Queens Road East,Wanchai, Hong Kong
Afon Tinplate Company Limited
30. 64.00
Afon Works, Bryntywod, Swansea, West Glamorgan, SA5 7LN
Air Products Llanwern Limited
31. 50.00
Hersham Place Technology Park, Molesey Road, Walton on Thames Surrey, KT12 4RZ
BSR Pipeline Services Limited
32. 50.00
PO Box 101, Weldon Road, Corby, Northamptonshire, NN17 5UA
Caparo Merchant Bar Plc
33. 25.00
Caparo House, 103 Baker Street, London, W1U6LN
Fabsec Limited
34. 25.00
1st floor, Unit 3 Calder Close, Calder Business Park, Wakefield, West Yorkshire, WF4 3BA
Industrial Rail Services IJmond B.V.
35. 50.00
Wenckebachstraat 1, 1951 JZ Velsen-Noord, Netherlands
Laura Metaal Holding B.V.
36. 49.00
Rimurgerweg 40, 6471 XX Eygelshoven, Netherlands
Ravenscraig Limited
37. 33.33
15 Atholl Crescent, Edinburgh, EH3 8HA
Tata Elastron Steel Service Center SA
38. 50.00
Diilistirion Avenue, Stefani - PC 19300 Aspropirgos - Greece
Tata Steel Ticaret AS
39. 50.00
Cumhuriyet Caddesi No:48 Pegasus Evi Kat:7 Harbiye 34367 Istanbul, Turkey
Texturing Technology Limited
40. 50.00
PO Box 22, Texturing Technology Ltd, Central Road, Tata Steel Site, Margam, Port Talbot, West Glamorgan SA 132YJ
Minas De Benga (Mauritius) Limited
41. 35.00
Av. 24 de Julho, Edificio, no.1123, 4o Floor, Bairro da Polana Cimento B, Maputo, Mozambique
Note: Companies listed from Sl. No. 23 to 41 are joint venture companies

IV SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY)
i) Category-wise Share Holding

Number of shares held (April 1, 2016) Number of shares held (March 31, 2017)
Category of Shareholders % Change
Electronic Physical Total % Electronic Physical Total %
(A) Promoters (including Promoter Group)
(1) Indian
(a) Individuals / Hindu Undivided Family - - - - - - - - -
(b) Central Government - - - - - - - - -
(c) State Governments(s) - - - - - - - - -
(d) Bodies Corporate 30,34,70,316 565 30,34,70,881 31.25 30,34,70,316 565 30,34,70,881 31.25 0.00
(e) Financial Institutions / Banks - - - - - - - - -
(f) Any Other (Trust) 10,31,460 - 10,31,460 0.10 10,31,460 - 10,31,460 0.10 0.00
Sub-Total (A) (1) 30,45,01,776 565 30,45,02,341 31.35 30,45,01,776 565 30,45,02,341 31.35 0.00
(2) Foreign
(a) Individuals Non-Resident Individuals - - - - - - - - -
(b) Other Individuals - - - - - - - - -
(c) Bodies Corporate - - - - - - - - -
(d) Banks / Financial Institutions - - - - - - - - -
(e) Qualified Foreign Investor - - - - - - - - -
(f) Any Other (specify) - - - - - - - - -
Sub-Total (A) (2) - - - - - - - - -
Total Shareholding of Promoter and 30,45,01,776 565 30,45,02,341 31.35 30,45,01,776 565 30,45,02,341 31.35 0.00
Promoter Group (A) = (A)(1)+(A)(2)
(B) Public Shareholding
(1) Institutions
(a) Mutual Funds 6,09,86,057 38,780 6,10,24,837 6.29 12,12,28,769 38,780 12,12,67,549 12.49 6.20
(b) Financial Institutions / Banks 39,45,443 2,03,481 41,48,924 0.43 59,87,778 2,02,282 61,90,060 0.64 0.21
(c) Central Government 4,23,766 - 4,23,766 0.05 - - - - (0.05)
(d) State Governments(s) 9,616 1,11,277 1,20,893 0.01 2,000 1,11,277 1,13,277 0.01 0.00
(e) Venture Capital Funds - - - - - - - - -
(f) Insurance Companies 19,38,89,963 1,455 19,38,91,418 19.96 16,98,54,554 1,455 16,98,56,009 17.49 (2.47)
(g) Foreign Institutional Investors 12,74,51,059 27,282 12,74,78,341 13.12 13,58,95,156 27,282 13,59,22,438 14.00 0.88
(h) Foreign Venture Capital Funds - - - - - - - - -
(i) Any Other (specify)
Foreign Institutional
(i -1) - - - - 1,03,892 - 1,03,892 0.01 0.01
Investors - DR
(i -2) Foreign Bodies DR 1,98,833 - 1,98,833 0.02 10,11,082 - 10,11,082 0.10 0.08
(i -3) Foreign Portfolio Investments Individual 892 - 892 - 892 - 892 - -
(i -4) Foreign National- DR 164 - 164 - 164 - 164 - -
(i -5) Alternate Investment Funds - - 0.00 - 18,116 - 18,116 - -
(i -6) UTI 15,191 20,262 35,453 - 15,191 20,262 35,453 - -
Sub-Total (B) (1) 38,69,20,984 4,02,537 38,73,23,521 39.88 43,41,17,594 4,01,338 43,45,18,932 44.74 4.86
(2) Non-Institutions
(a) Bodies Corporate
i Indian 2,37,51,989 54,14,665 2,91,66,654 3.00 1,85,77,551 54,10,114 2,39,87,665 2.47 (0.53)
ii Overseas 4,500 1,125 5,625 - 4,500 1,125 5,625 - -
(b) Individuals -
Individual shareholders holding nominal
i 17,53,72,095 2,21,98,691 19,75,70,786 20.34 14,22,97,673 2,15,96,379 16,38,94,052 16.88 (3.46)
share capital upto ` 1 lakh
Individual shareholders holding nominal
ii 2,80,08,421 21,23,507 3,01,31,928 3.11 2,66,97,892 20,98,512 2,87,96,404 2.96 (0.15)
share capital in excess of ` 1 lakh
(c) Any Other - - - - - - - - -
Sub-total (B) (2) 22,71,37,005 2,97,37,988 25,68,74,993 26.45 18,75,77,616 2,91,06,130 21,66,83,746 22.31 (4.14)
Total Public Shareholding (B) = (B)(1)+(B)(2) 61,40,57,989 3,01,40,525 64,41,98,514 66.33 62,16,95,210 2,95,07,468 65,12,02,678 67.05 0.72
Shares held by Custodians and against
(C) which Depository Receipts have been 2,25,14,584 - 2,25,14,584 2.32 1,55,10,420 - 1,55,10,420 1.60 (0.72)
issued*
GRAND TOTAL (A)+(B)+(C) 94,10,74,349 3,01,41,090 97,12,15,439 100.00 94,17,07,406 2,95,08,033 97,12,15,439 100.00 -
Note:
*This represents public non-institutional shareholding.

ii) Shareholding of Promoter (including Promoter Group)
Shareholding (April 1, 2016) Shareholding (March 31, 2017)

Sl. % change in
Shareholders Name % of Shares % of Shares
No. % of total % of total shareholding
No. of Shares Pledged/ No. of Shares Pledged/
Shares Shares
encumbered encumbered
1 Tata Sons Limited - Promoter 28,88,98,245 29.75 2.82 28,88,98,245 29.75 1.79 -
2 Tata Motors Limited 44,32,497 0.45 - 44,32,497 0.45 - -
3 Tata Chemicals Ltd. 24,91,977 0.26 - 24,91,977 0.26 - -
Tata Investment Corporation
4 33,85,885 0.35 - 33,85,885 0.35 - -
Limited
5 Ewart Investments Limited 17,95,142 0.18 - 17,95,142 0.18 - -
Rujuvalika Investments
6 11,68,393 0.12 - 11,68,393 0.12 - -
Limited (2)
7 Sir Dorabji Tata Trust 8,42,460 0.09 - 8,42,460 0.09 - -
8 Sheba Properties Limited 4,91,542 0.05 - 4,91,542 0.05 - -
9 Tata Industries Limited 7,91,675 0.08 - 7,91,675 0.08 - -
10 Sir Ratan Tata Trust 1,89,000 0.02 - 1,89,000 0.02 - -
11 Titan Company Limited 2,025 - - 2,025 - - -
12 Tata Capital Limited 13,500 - - 13,500 - - -
30,45,02,341 31.35 2.82 30,45,02,341 31.35 1.79 -
Notes:
(1) Entities listed from Sl.No. 2 to 12 above form part of the Promoter Group.
(2) 11,68,393 Ordinary Shares held by Rujuvalika Investments Limited (a wholly owned subsidiary of the Company effective May 8, 2015), do not carry any
voting rights.
iii) Change in Promoters (including Promoter Group) Shareholding

Cumulative Shareholding
Shareholding (April 1, 2016)
(April 1, 2016 to March 31, 2017)
Particulars
% of total Shares % of total Shares
No. of Shares No. of Shares
of the Company of the Company
At the beginning of the year 30,45,02,341 31.35
Change during the year Increase/(Decrease) NIL
At the end of the year 30,45,02,341 31.35
iv) Shareholding Pattern of Top Ten Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs):
Cumulative Shareholding during
Shareholding
Sl. the year
Name of shareholders
No. % of total shares of No. of shares % of total shares of
No. of shares the Company the Company
1 Life Insurance Corporation Of India
At the beginning of the year 14,17,39,415 14.59 14,17,39,415 14.59
Bought during the year 20,250 0.00 14,17,59,665 14.60
Sold during the year (1,97,08,669) (2.03) 12,20,50,996 12.57
At the end of the year 12,20,50,996 12.57 12,20,50,996 12.57
2 HDFC Trustee Company Limited
Bought during the year 1,31,43,803 1.35 5,24,75,768 5.40
Sold during the year (1,14,23,518) (1.18) 4,10,52,250 4.23
3 The New India Assurance Company Limited
Bought during the year - - 1,18,26,058 1.22
Sold during the year (10,25,000) (0.11) 1,08,01,058 1.11

Cumulative Shareholding during

Shareholding
Sl. the year
No. % of total shares of No. of shares % of total shares of
No. of shares the Company the Company
4 Government Pension Fund Global
Bought during the year 52,61,827 0.54 1,64,26,568 1.69
5 Reliance Capital Trustee Co. Ltd.
At the beginning of the year 92,57,687 0.95 92,57,687 0.95
6 National Insurance Company Ltd
Bought during the year - - 89,18,072 0.92
Sold during the year (45,96,860) (0.47) 43,21,212 0.44
At the end of the year 43,21,212 0.44 43,21,212 0.44
7 Abu Dhabi Investment Authority
8 Dimensional Emerging Markets Value Fund
9 Stichting Depositary Apg Emerging Markets Equity Pool
Bought during the year 23,82,904 0.25 94,85,716 0.98
10 United India Insurance Company Limited
11 SBI Life Insurance Co. Ltd
12 Birla Sun Life Trustee Company Private Limited
Sold during the year (1,13,41,011) (1.17) 87,14,823 0.90
13 HDFC Standard Life Insurance Company Limited
Bought during the year 76,67,369 0.79 82,60,209 0.85
14 ICICI Prudential Value Fund
Notes:
(1) The above information is based on the weekly beneficiary position received from Depositories.
(2) The date wise increase or decrease in shareholding of the top ten shareholders is available on the website of the Company at www.tatasteel.com

v) Shareholding of Directors and Key Managerial Personnel
Sl. Shareholding (April 1, 2016) Shareholding (March 31, 2017)

No No. of shares % of total shares No. of shares % of total shares
I Directors
1 Mr. Ishaat Hussain 2,216 - 2,216 -
2 Mr. Subodh Bhargava 506 - NA NA
3 Mr. Koushik Chatterjee 1,320 - 1,320 -
4 Mr. T. V. Narendran 1,753 - 1,753 -
II Key Managerial Personnel
5 Mr. Parvatheesam K 100 - 100 -
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment.
` crore
Secured Loans Unsecured Total
Deposits
excluding deposits Loans Indebtedness
Indebtedness at the beginning of the financial year
(i) Principal Amount *2,360.37 28,483.14 - 30,843.51
(ii) Interest due but not paid - - - -
(iii) Interest accrued but not due - 459.32 - 459.32
Total (i+ii+iii) 2,360.37 28,942.46 - 31,302.83
Change in Indebtedness during the financial year
Addition **198.48 #3,522.30 - 3,720.78
Reduction 7.08 ##6,272.58 - 6,279.66
Net Change 191.40 (2,750.28) - (2,558.88)
Indebtedness at the end of the financial year
(i) Principal Amount *2,551.77 25,732.86 - 28,284.63
(ii) Interest due but not paid - - - -
(iii) Interest accrued but not due - 545.05 - 545.05
Total (i+ii+iii) 2,551.77 26,277.91 - 28,829.68
* includes funded interest on SDF loan of 781.32 crore (31.03.2015: 699.58 crore).
** includes revaluation gain (net) of 5.20 crore on forex loans.
# includes revaluation gain (net) of 119.64 crore on forex loans and amortization of loan issue and premium and discount expenses aggregating 204.07 crore
under effective interest rate method.
## includes realized exchange gain (net) of 2.86 crore on repayment of forex loans.
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration of Managing Director, Whole-time Directors and/or Manager
` lakh
Name of MD/WTD/Manager
Sl. Total
Particulars of Remuneration Mr. T. V. Narendran Mr. Koushik Chatterjee
No. Amount
MD WTD & CFO
1 Gross salary
(a) Salary as per provisions contained in Section 17(1) of
168.62 153.35 321.97
the Income Tax, Act 1961
(b) Value of perquisites u/s 17(2) of the Income Tax Act, 1961 85.09 127.89 212.98
(c) Profits in lieu of salary under Section 17(3) of the

Income Tax Act, 1961
2 Stock Option
3 Sweat Equity
4 Commission 549.00 515.00 1,064.00
5 Others (retirement benefits) 14.60 13.67 28.27
Total (A) 817.31 809.91 1,627.22
Ceiling as per the Companies Act, 2013 48,101

B. Remuneration to other Directors
` lakh
Sl.
Name Commission Sitting Fees Total Compensation
No.
I Non-Executive Directors
1 Mr. N. Chandrasekaran-Chairman - 0.80 0.80
2 Mr. Cyrus P. Mistry - 4.80 4.80
3 Mr. Ishaat Hussain 120.00 10.20 130.20
4 Mr. D. K. Mehrotra 70.00 5.20 75.20
Total (I) 190.00 21.00 211.00
II Independent Directors
1 Mr. Nusli N. Wadia - 4.40 4.40
2 Mr. Subodh Bhargava 110.00 10.20 120.20
3 Mr. Jacobus Schraven 70.00 5.60 75.60
4 Mrs. Mallika Srinivasan 90.00 3.60 93.60
5 Mr. O. P. Bhatt 120.00 9.60 129.60
6 Mr. Andrew Robb 70.00 7.70 77.70
7 Dr. Peter (Petrus) Blauwhoff 25.00 0.40 25.40
Total (II) 485.00 41.50 526.50
Grand Total (I + II) 675.00 62.50 737.50
Overall Ceiling as per the Companies Act, 2013 4,810
C. Remuneration to KMP other than MD/Manager/WTD
` lakh
Sl. Mr. Parvatheesam K
Particulars of Remuneration
No. Company Secretary
1 Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961 129.01
(b) Value of perquisites u/s 17(2) of the Income Tax Act, 1961 19.60
(c) Profit in lieu of salary under Section 17(3) of Income-tax Act, 1961
2 Stock Option
3 Sweat Equity
4 Bonus/ Commission
5 Others (retirement benefits) 4.86
Total 153.47
VII. PENALTIES/PUNISHMENTS/COMPOUNDING OF OFFENCES

There were no penalties/punishments/compounding of offences for the year ended March 31, 2017.
sd/- sd/-
T. V. Narendran Parvatheesam K
Mumbai Managing Director Company Secretary
May 16, 2017 (DIN: 03083605) (ACS: 15921)

DETAILS OF LOANS, GUARANTEES AND INVESTMENTS / DETAILS OF CONSERVATION OF ENERGY, ETC.
ANNEXURE 10
Particulars of Loans, Guarantees or Investments.
[Pursuant to Section 186 of the Companies Act, 2013]
Amount outstanding as on March 31, 2017
` crore
Particulars Amount
Loans given 21.50
Guarantee given 11,344.47
Investments made 8,355.90
Loans, Guarantees given or Investments made during the Financial Year 2016-17
` crore
Purpose for which
Particulars of Loans,
the loans, guarantees
Name of the entity Relation Amount Guarantees given or
and investments are
Investments made
proposed to be utilized
Tayo Rolls Limited 21.37
Subsidiary Loan
Tata Steel Special Economic Zone Limited 10.00
Bhubaneshwar Power Private Limited Joint Venture 10.96
Adityapur Toll Bridge Company Limited 26.40
Business purpose
Tata Steel Odisha Limited Subsidiary 0.02
Investments
Tata Steel Foundation 1.00
Medica TS Hospital Pvt. Ltd. Associate 15.79
Subarnarekha Port Private Limited - 7.00
Advance against equity

` crore
Name of the entity Relation Amount
Subsidiary
As on March 31, 2017, Companys loan, investment and advance against equity in Tayo Rolls Limited has been fully impaired.
sd/-
N. Chandrasekaran
Mumbai Chairman
May 16, 2017 (DIN:00121863)

ANNEXURE 11
Particulars of Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo.
[Pursuant to Companies (Accounts) Rules, 2014]
A. CONSERVATION OF ENERGY Recovery system designed for all by-product gas

i. Steps taken or impact on conservation of energy generated in the Steel Plant.
Jamshedpur: All major drive systems are designed with variable
Lowest ever Plant specific energy consumption - 5.673 speed drive to conserve energy based on optimum
Gcal/tcs. load operation of Steel Plant.
Lowest ever fuel rate at Blast Furnaces - 542 kg/thm - State-of-the-art integrated Energy Management
Use of Pellets and higher coal injection (178 kg/thm) at System for Power & Utilities across Steel Plant.
Blast Furnaces.
ii.
Steps taken by the Company for utilising alternate
Plant Specific Overall Power Rate - 383Kwh/tss
sources of energy
Higher LD Gas recovery 57,687 Nm3/hr
Lowest ever steam coal (middling) consumption at Jamshedpur
Power House # 4.- 14,939 t
Feasibility study of 15 MW Solar Power generations at
Efficient use of by-product gases for Power Generation
Jamshedpur
Highest ever Total power generation (including Power
House # 6) through by-product gases.- 243.53 MW
Kalinganagar
Kalinganagar
The plants manufacturing units are designed with Power Plants designed to exploit by-product gas of the
some of the largest capacity to exploit energy efficiency Steel Plant, top gas pressure recovery of Blast Furnace
associated with large operating units. and waste heat of Dry Quenching in Coke Plant. It is
Ton/Km travel optimized for raw material and product estimated that 48% of the power for Steel Plant will be
inside the plant with layout design. generated from these sources
iii. Capital investment on energy conservation equipments
Particulars ` crore
Jamshedpur
Recovery of sensible heat of Coke by installation of Coke Dry Quenching System in Battery # 10 & 11 at Coke Plant 225
Replacement of Boiler # 3 at Power House # 4 40
Pulverized coal injection at H Blast Furnace 4
Dual Fuel burner at Pellet Plant 3
LDO (Light Diesel Oil) firing in boilers of Power House # 4 6
Kalinganagar
By-product gas based Captive Power plant through Joint Venture (IEL) 730
Top Recovery of Gas in Blast Furnace 58
Coke Dry Quenching at Coke Plant 363
CASOB (Composition Adjustment System with Oxygen Blowing) facility 125
Twin Strand Caster (including auxiliaries) 810
LD Gas recovery facility 81
BF Gas recovery facility 51
Larger heat size convertor in steel melt shop 1,138

DETAILS OF CONSERVATION OF ENERGY, ETC.
B. TECHNOLOGY ABSORPTION
1. Efforts made towards technology absorption
(i) Projects under Research and Development

Project Title Benefits
Jamshedpur
New product with superior surface finish developed for wheel disc
Development of hot rolled DP(Dual Phase) 600 steel with low
applications. More than 500 tonnes of material already supplied to
silicon content through TSCR (Thin slab casting and rolling)
customer.
Development of high Titanium (Ti) bearing Hot rolled 590 MPa New product for wheel rim applications developed. This product has
steel with high stretch flangeability superior stretch flangeability as compared to normal grade.
New product has been developed for the solar industry.
Steel Integrated Glassless Solar Module The Photovoltaic modules were fabricated using Steel back sheets.
The system is under final set of consumer trials.
Use of in-house developed T-coat over GA sheet enhancing
Development of T-coat on GA (Galvannealed) sheets for improving drawability and lowering the coefficient of friction. In addition, it
forming behavior exhibits good weldability and paintability. The development is in final
trial stage at CGL(Continuous Galvanized Line)#2.
New product developed for automotive customers. The indigenously
Development of DP600GA through CGL#2 designed material showed promising properties despite process
constraints.
Reduced the lance jam cutting frequency and the related safety
Anti-stick coating on LD (Lindz and Donawitz) lances
hazards to half.
Multi-layer coating on tube component Improved corosion resistance and aesthetics
Hard coating on bearings Lab tests indicate an improvement in bearing life by more than double
Thin organic coating is applied on galvanized tubes which gives
Thin organic coating on GI (Galvanised iron) tubes. better aesthetics and corosion resistance. This can also produce
coloured coated tubes.
This is a new alloy coating on Ductile Iron Pipes (Di) to Improve
Novel Zn-Al-Mg ( alloy coating on DI (Ductile Iron) pipes
corosion resistance
20 number of EHS safety watches are working on a trail basis in LD2 for
crane operators health monitoring when they are in crane cabin. The
crane operators are connected with their superiors online when they
EHS (Employee Health Safety Wearbles watch for crane operators are in crane cabin. It is an important PPE for the crane operators. This
project has been taken up by Tata Group companies like Tata Steel,
Group technology innovation office, Titan, Tata Communications, Tata
Elxsi and Tata Consultancy Services.
Reduction of internal and external rejection of Ductile Iron (Di)
Online measurement of full body thickness of DI pipes pipes by online thickness measurement system installed in the line
improvement in supply of quality products.
A record number of 17 models from major auto OEMs (Original
Equipment Manufacturer) were covered as part of the Value Analysis
Value Engineering (VAVE) workshop for FY' 17. The objective of the
VAVE and EVI (Early Vendor Involvement) with Major Auto workshop was to create value through cost and weight reduction
Customers ideas on the vehicle by means of use of newer steel grades. These
activities result in improved CSI (Customer Satisfaction Index) and
opportunity for material supply in newer models. This also helps in
customer engagement initiatives.
Root cause was identified to address weld failure problem in
Addressing weld failure problem in propeller shaft tube propeller shaft tube. Addressed a repetitive customer complaint and
appropriate recommendations provided to Tubes.
The project has been implemented at LD#3 and the ownership has
been transferred to the customer. The expected benefits include
Implementation of SmartLance technology at LD#3
reduction in slopping and in future to be used as a feedback for
improving the blowing operation.

Project Title Benefits

A new high temperature technique has been developed to identify
peritectic grades with 100% accuracy. The accurate peritectic
Identification of peritectic grades of steel using high temperature range is incorporated in the new Ferrite Potential (FP) model and
phase transformation studies implemented in the plant at LD#2. Due to this many of the grades
which are being cast as peritectic, will be cast as low carbon with
higher casting speeds.
Large amount of hot gases are generated in BOF during steelmaking
process. These gases pass through BOF hood for further processing.
The tube material of BOF hood failed earlier resulting in water
Failure analysis of BOF (Basic Oxygen Furnace) hood in LD vessels leakages from pipes. The root cause of BOF hood failure in LD vessels
has been identified. The recommendations has been accepted to
change the tube material of hood and to look at the water quality
and temperature.
A mold taper prediction model for LD#2 slab caster for casting
peritectic grades of steel at high speed has been developed. The
Mold taper prediction model for LD2 slab caster customer has accepted the recommendations for implementation.
The plant implementation with modified mold taper for casting at
high speed is in progress.
Improvement and stabilisation of NCI (Nozzle Clogging Index) The de-oxidation practices have been modified to improve the Nozzle
performance for SC234 and SF109 grades.(different grades of steel) Clogging Index during continuous casting for few grades.
Performance enhancement of ammonia still in old BPP Reduction of steam and sodium hydroxide consumption with annual
(By- product plant) benefit of ` 3 crore
Utilization of spent wash oil as a replacement of LDO (Light Diesel Third party dependency for discharge of spent wash oil has been
Oil) eliminated with annual benefit of ` 1.4 crore
Improvement of chiller plant efficiency in LD#3 Power saving with annual benefit of ` 1.5 crore
New reagents at Thickener and Slime dam are more efficient by 25%
Improvement in the performance of washing circuit and slime
and their dosage has been reduced by 20%. The reagent at slime dam
management at Joda through proper selection of reagents and
helps to recover more water from the slimes instantly and increases
optimizing their dosage.
the slime dam life by over 30%
(ii) Process Improvement: regime & rectifying machine related issues at West
Bokaro washery#3.
Mining Improvement in flotation yield & separation efficiency
by replacing the conventional rotor-stator mixing
Identification of initiatives to improve 100T hauls truck
mechanism with a new generation mixing mechanism
tyre life in opencast mines.
Float Force in one bank at West Bokaro washery#3.
Identification of factors affecting fuel consumption of
An initiative was taken to install critical measurement
100T haul trucks at Katamati mine.
systems at West Bokaro washery#3 to enhance process
visibility thereby improving the process efficiency.
Ore Beneficiation
-0.5% yield improvement at Bhelatand washery by
Explored opportunity to recover iron value from iron changing the washery feed top size from 20mm to
ore slimes by selective flocculation technology at 15mm.
Noamundi iron ore processing plant.
To treat/utilize the low grade chromite ores for sustaining Agglomeration:
the similar chromite concentrate production, a novel
Successfully established BF(Blast Furnance) slag as flux
method of operational philosophy was established in
in chromite pelletizing with improvement in pellet
the chromite ore beneficiation plant at Sukinda.
properties.
Implementation of dynamic model for Phosphorus
Coal Beneficiation
management in iron making for maximizing LD slag
Significant increase in clean coal production from usage
reflux classifier (a scavenging circuit installed to recover
clean coal from flotation tailings) by changing the feed

Coal Coke: 5.5 mm high ductility high carbon wire rods suitable for
flattening operations.
Development of a new method to ensure exact
High carbon wire rods suitable for high strength motor
completion of carbonization in coke ovens through
tyre bead wire.
real time monitoring of Gooseneck temperature
Customized grade for thick Motor tyre bead wire for
profiles (an operators tool for ensuring completion of
high speed draw (8 9 m/s).
carbonization process). This will facilitate improvement
High carbon wire rods for shaped wires Entry into new
in coke quality.
segment of shaped wires.
5% usage of PCI coal in HMC blend to minimise blend
High carbon wire rods for Grade II and Grade III -
cost.
Improvement in wire drawing performance and wire
properties.
Blast Furnace:
High carbon wire rods with improved ductility and
Facilitating acceptance of Ferro shots by electric furnace draw ability for torsion springs and fine wires.
customers through field trials. Solutions provided Development and launch of colour coated barbed wire
to mitigate adverse impact of high potassium oxide, as differentiated product
entering into the blast furnace through raw materials at
Tata Steel Kalinganagar. Kalinganagar
Crafted a roadmap for using higher amount of pellet as
Development of High tensile Grade ASTM A572 Gr50
raw material in Tata Steel Kalinganagar blast furnace
Type II/ EN 10025 S355 J2 for L&E and PEB segments -
Environment: New product with superior flatness suitable for laser
cutting and plasma cutting processes
0.2 m3/tcs water saved in Jamshedpur works through
Development of high Ti bearing SPFH 590 steel with
increased reuse of water in high temperature processes.
high stretch flangeability - New product for wheel
rim applications, has superior stretch flangeability as
Process visualization:
compared to normal grade.
Established seamless process data visibility across iron Thinner High Strength Steel IS2062 E350 Gr. A - for
making plants and helped stabilize coke and sinter Solar Panel Structural Members
quality and BF operations. SAE 1018, SAE1020, SAE 1026 Grades for high end tube
application - Because of advanced caster at TSK, we
(iii) Product Development
have successfully developed these grades
Jamshedpur HS800 for Chassis of Commercial Vehicles - for weight
reduction and improving fuel efficiency
High strength, high ductility rebars (10mm 16mm) for
API X70 PSL2 - for Sweet Gas Application
sleek and future-ready structures.
6mm seismic resistant rebars for stirrups.
2. Benefits derived from key projects:
Project title Benefits derived

Jamshedpur
Technology development for in-situ billet mould temperature Data generation for incorporation into models towards solidification,
measurements shrinkage and taper studies
Flux cost is ~12% of steelmaking costs. The steel melting shop
has been able to reduce the flux consumption as well as improve
Reduce the total lime consumption at LD#1
consistency through slag path optimization and dynamic chemistry
embedment in the static model
Initiatives such as bath height scanning and management, brick
Study the erosion profile of BOF-basic oxygen furnance
characterization, understanding of various blow regimes have led
Converter
to reduce the pre-mature failure of BOF refractory erosion.
Improved torsion performance of 1.6 mm thick motor tyre MTB yield improved from 86% to 97% by improved wire rod rolling
bead [MTB] wires and aging practices

Project title Benefits derived

Surface look-and-feel improvements and better scale characteristics
Improvements in cooling practices during wire rod rolling.
in low carbon wire rods
Successful commissioning of wire drawing machine built State-of-the-art features of safety, quality and operational control
in-house with lower cost
Complete control of quality decisions [including LF3 - CC3]-Ladle
Quality system improvement in LD1: On-line grading system
Furnace-3 Continuous Caster-3
Development of Hi Al IF (High Aluminium Interstitial) steel The customer would be able to draw the 2 wheeler fuel tank in a
with improved drawability for 2 wheeler fuel Tank single piece instead of making it into 3 pieces and then welding it.
Kalinganagar
DSR technology in caster ensures low center line segregation and
Dynamic Soft reduction in Caster for internal soundness of
looseness in steel, which is requirement for high end applications
Steel
such as API, L&E, Automotive.
Online Surface Inspection System at HSM helps in early detection of
defect for better process control and generation of non-conforming
product. Also, it is essential for ensuring defect free coils for surface
Online Surface Inspection System (SIS) and Material Property
critical applications such as Automotive and L&E. MPPS ensures
Prediction Model (MPPS) at HSM
Mechanical Property, Phases in Steel for process control and sharing
of information with the customers. Both the systems are currently in
initial stage of commissioning at HSM.
TSK is equipped with Pair Cross Technology in Mill to ensure better
Pair Cross Technology
profile and flatness on strip.
3. Information regarding imported technology (last three years)
Sl No. Technology imported Year Status

Jamshedpur
1. Installation of 0.75 mtpa Coke Oven Battery 11
2. Pulverised Coal Injection at existing F Blast Furnace
3. Installation of Sub-lance for LD Converter at LD Shop No 2 (Set 1)
2015
4. Coal Handling Yard & Stacker Reclaimer #3
5. Up-gradation of Vessels at LD Shop No.1
6. Capacity Up-gradation of Track Hopper No 1 from 1,100 tph to 1,500 tph
7. Pulverised coal injection at existing H Blast Furnace
8. CO gas holder
2016
9. BF gas holder
10. Installation of 3rd blower & interconnecting piping for G & H BFs
11. Slab Deburring & Slab Marking Machine in Caster# 1 & 3
Commissioned
12. Installation of Torch Cutting Machine in Caster# 1 & 3
13. Installation of Tension Leveller at CGL#1
14. Coil Box revamp at HSM (Hot Strip Mill)
15. Installation & Commissioning of Twin RH (RH Vacuum Degassing Technology) Facility
16. Installation of 4th Grinder
2017
17. Installation of Surface Inspection System for TSCR
18. Installation of new Slab Scarfing machine
19. Power augmentation at BFRS (Blast furnace receiving sub-station)
20. Fire fighting system at LD gas holder
21. Hot Rolled Skin Pass & Oiled (HRSPO) coils at CRM (Cold Rolled Mill) Bara (Ph-II)
22. Barrel reclaimer
Kalinganagar
23. Coke Oven Batteries
24. Sinter Plant Sinter Cooler, Sinter machine, Screens, Granulator, Mixer, Nodulizer
Blast Furnace 4330 CuM capacity Furnace, Charging system,
25.
Pulverised Coal Injection system, 2016 Commissioned
Steel Melt Shop Convertor, Composition Adjustment System with Oxygen Blowing,
26.
Twin strand Caster
27. Hot Strip Mill Roughing Mill, Finishing Mill and Downcoiler

4. Expenditure on research and development (R&D)
crore
a. Capital 12.32
b. Recurring 132.26
c. Total 144.58
d. Total R&D expenditure as a % of Total Turnover 0.27
C. FOREIGN EXCHANGE EARNINGS AND OUTGO

crore
FY 2016-17 FY 2015-16
a. Foreign exchange earnings 3,996.55 1,089.60
b. Value of direct imports (C.I.F. Value) 10,298.00 6,370.35
c. Expenditure in foreign currency 447.38 544.25
sd/-
N. Chandrasekaran
Mumbai Chairman
May 16, 2017 (DIN:00121863)

FINANCIAL
HIGHLIGHTS
(` crore)
2016-17 2015-16 2016-17 2015-16
Revenue from operations 53,260.96 42,697.44 1,17,419.94 1,06,339.92
Profit/(loss) before tax 5,356.93 1,543.34 2,473.63 2,732.75
Profit/(loss) after tax 3,444.55 955.65 (4,168.57) (497.09)
Dividends 776.97 776.97 776.97 776.97
Retained earnings 12,280.91 10,075.75 (11,447.01) (2,415.49)
Capital Employed 86,329.91 85,366.59 1,32,465.59 1,35,921.30
Net worth 51,934.01 48,912.38 39,421.02 44,513.49
Borrowings 28,284.63 30,843.51 83,014.49 81,986.93
Ratio Ratio
Net debt: Equity 0.44 0.50 1.72 1.54
` ` ` `
Net worth per Share as at year end 534.73 503.62 406.38 458.83
Earnings per Share:
Basic 33.67 8.05 (44.77) (6.92)
Diluted 33.67 8.05 (44.77) (6.92)
Dividend declared per Ordinary Share 10.00 8.00 10.00 8.00
Employees (Numbers) 34,989 35,439 67,902 74,980
Shareholders (Numbers) 8,44,429 9,69,263

FINANCIAL RATIOS/PRODUCTION & FINANCIAL STATISTICS
FINANCIAL
RATIOS
2016-17 2015-16 2016-17 2015-16
1. EBITDA/Turnover 22.44% 18.25% 14.50% 7.48%
2. PBET/Turnover 11.38% 7.48% 5.79% (1.18%)
3. Return on average capital employed 9.80% 5.57% 7.89% 0.10%
4. Return on average net worth 6.83% 1.89% (9.93%) (1.08%)
5. Asset turnover 54.46% 45.75% 73.02% 63.80%
6. Inventory turnover (in days) 62 68 71 78
7. Debtors turnover (in days) 11 9 37 44
8. Gross block to net block 1.12 1.07 1.38 1.40
9. Net debt to equity 0.44 0.50 1.72 1.54
10. Current ratio 0.76 0.77 1.44 1.33
11. Interest service coverage ratio 4.21 3.62 2.66 0.64
12. Net worth per share (`) 534.73 503.62 406.38 458.83
13. Basic earnings per share - continuing operations (`) 33.67 8.05 (4.93) 19.26
Basic earnings per share - continuing and discontinued (`) 33.67 8.05 (44.77) (6.92)
14. Dividend payout 34% 97% (22%) (186%)
15. P/E ratio 14.33 39.69 (97.87) 16.59
1. EBITDA/Turnover 8. Gross Block to Net Block: Gross Block/Net Block

(EBITDA: PBT +/(-) Exceptional Items + Net Finance Charges + (Gross Block: Cost of tangible assets + Capital work in
Depreciation and amortisation) progress + Cost of intangible assets + Intangible assets under
development)
(Net Finance Charges: Finance costs - Interest income - Dividend
income from current investments - Net gain/(loss) on sale of (Net Block: Gross Block - Accumulated depreciation and
current investments) amortisation - Accumulated impairment)
(Turnover: Revenue from Operations) 9. Net Debt to Equity: Net Debt/Average Net Worth
2. PBET/Turnover (Net Debt: Non-current borrowings + Current maturities
of Non-current borrowings and Finance Lease Obligations
Profit before exceptional items and tax/Turnover
+ Current borrowings - Current Investments - Non-current
3. Return on Average Capital Employed: EBIT/Average Capital balances with banks - Cash and Bank Balances)
Employed
10. Current Ratio: Current Assets (excluding current investments)/

(Capital Employed: Total Equity + Non-current Current Liabilities
Borrowings + Current maturities of Non-current
(Current liabilities: Trade Payables + Other current liabilities
borrowings and Finance Lease Obligations +
+ Short-term provisions - Current maturities of Non-current
Current Borrowings + Deferred tax liabilities)
borrowings and Finance Lease Obligations)
(EBIT: PBT +/(-) Exceptional Items + Net Finance Charges)
11. Interest Service Coverage Ratio: EBIT/Net Finance Charges
4. Return on Average Net worth: PAT (including discontinued (excluding interest on short term debts)
operations)/Average Net worth
12. Net worth per share: Net Worth/Average Number of Equity
(Net worth: Total equity + Preference Shares issued by Shares
subsidiary companies + Warrants issued by a subsidiary
13.
Basic Earnings per share: Profit attributable to Ordinary
company + Hybrid Perpetual Securities)
Shareholders/Weighted average number of Ordinary Shares
5.
Asset Turnover: Turnover/(Total Assets - Investments -
14. Dividend Payout: Dividend/Profit after tax
Advance Against Equity)
15. P/E Ratio: Market Price per share/Basic Earnings per share-
6. Inventory Turnover: Average Inventory/Sale of Products in
continuing operations
days
7. Debtors Turnover: Average Debtors/Turnover in days

PRODUCTION
STATISTICS
000 Tonnes
Year Iron Coal Iron Crude Rolled/ Plates Sheets Hot Cold Railway Semi- Total
Ore steel Forged Bars Rolled Rolled Materials Finished Saleable
and Coils/ Coils for Sale Steel
Structurals Strips
1987-88 3,237 3,793 2,018 2,275 591 99 127 155 - 13 929 1,862
1988-89 3,569 3,793 2,238 2,313 637 93 131 166 - 13 904 1,900
1989-90 3,726 3,754 2,268 2,323 553 91 117 155 - 17 1,033 1,913
1990-91 3,509 3,725 2,320 2,294 558 88 118 153 - 14 1,013 1,901
1991-92 3,996 3,848 2,400 2,415 599 92 123 170 - 9 1,045 1,978
1992-93 4,126 3,739 2,435 2,477 575 78 122 163 - 7 1,179 2,084
1993-94 4,201 3,922 2,598 2,487 561 - 124 281 - 6 1,182 2,117
1994-95 4,796 4,156 2,925 2,788 620 - 137 613 - 2 1,074 2,391
1995-96 5,181 4,897 3,241 3,019 629 - 133 1,070 - - 869 2,660
1996-97 5,766 5,294 3,440 3,106 666 - 114 1,228 - - 811 2,783
1997-98 5,984 5,226 3,513 3,226 634 0 60 1,210 0 0 1,105 2,971
1998-99 6,056 5,137 3,626 3,264 622 0 0 1,653 0 0 835 3,051
1999-00 6,456 5,155 3,888 3,434 615 0 0 2,057 0 0 615 3,262
2000-01 6,989 5,282 3,929 3,566 569 0 0 1,858 356 0 647 3,413
2001-02 7,335 5,636 4,041 3,749 680 0 0 1,656 734 0 566 3,596
2002-03 7,985 5,915 4,437 4,098 705 0 0 1,563 1,110 0 563 3,975
2003-04 8,445 5,842 4,466 4,224 694 0 0 1,578 1,262 0 555 4,076
2004-05 9,803 6,375 4,347 4,104 706 0 0 1,354 1,445 0 604 4,074
2005-06 10,834 6,521 5,177 4,731 821 0 0 1,556 1,495 0 679 4,551
2006-07 9,776 7,041 5,552 5,046 1,230 0 0 1,670 1,523 0 506 4,929
2007-08 10,022 7,209 5,507 5,014 1,241 0 0 1,697 1,534 0 386 4,858
2008-09 10,417 7,282 6,254 5,646 1,350 0 0 1,745 1,447 0 833 5,375
2009-10 12,044 7,210 7,231 6,564 1,432 0 0 2,023 1,564 0 1,421 6,439
2010-11 13,087 7,024 7,503 6,855 1,486 0 0 2,127 1,544 0 1,534 6,691
2011-12 13,189 7,460 7,750 7,132 1,577 0 0 2,327 1,550 0 1,514 6,970
2012-13 15,005 7,295 8,858 8,130 1,638 0 0 3,341 1,445 0 1,518 7,941
2013-14 17,364 6,972 9,899 9,155 1,676 0 0 4,271 1,638 0 1,346 8,931
2014-15 13,694 6,044 10,163 9,331 1,778 0 0 4,259 1,836 0 1,200 9,073
2015-16 16,431 6,227 10,655 9,960 1,823 0 0 4,742 1,689 0 1,443 9,698
2016-17 21,284 6,315 13,051 11,683 1,882 0 0 6,295 1,837 0 1,481 11,351
FINANCIAL
STATISTICS
(` crore)
Year Capital Accounts Revenue Accounts
Capital Reserves Borrow- Gross Net Invest- Income Expen- Depre- Profit Tax Profit Net Dividend#
and ings Block Block ments diture c ciation before after Transfer
Surplus Tax Tax to
Reserves
2015-16 3,246.41 45,665.97 30,843.51 83,976.85 78,294.27 11,785.42 43,088.60 38,582.98 2,962.28 1,543.34 587.69 955.65 - 926.28
2016-17 3,246.42 48,687.59 28,284.63 87,948.73 78,731.11 13,665.71 53,675.42 44,776.94 3,541.55 5,356.93 1,912.38 3,444.55 - 924.71
# Including tax on dividend.

Gross block is net of impairment, if any.
c Expenditure includes excise duty recovered on sales.
The above statistics is as per Ind AS financial statements.

DIVIDEND STATISTICS
DIVIDEND
STATISTICS
Year First Preference Second Preference Ordinary Total
(`150) (`100) (`100 upto 1988-89 `lakh
and `10 from 1989-90)c
Rate ` Dividend Rate` Dividend @ Tax on Rate ` Dividend @ Tax on
` lakh ` lakh dividend ` lakh dividend
` lakh ` lakh
1987-88 25.00 a 2,934.29 2,934.29
1988-89 30.00 b 4,616.74 4,616.74
1989-90 3.00 c,d
5,059.30 5,059.30
1990-91 3.10 7,134.23 7,134.23
1991-92 3.50 8,054.78 8,054.78

1992-93 2.50 e
6,482.21 6,482.21
1993-94 3.00 f
9,655.44 9,655.44
1994-95 3.50 g
11,823.94 11,823.94
1995-96 4.50 h
15,697.11 15,697.11
1996-97 4.50 18,222.25 1,656.57 18,222.25

1997-98 4.00 16,198.05 1,472.55 16,198.05
1998-99 4.00 16,329.05 1,618.19 16,329.05
1999-00 9.25 860.80 85.30 4.00 16,329.07 1,618.20 17,189.87
2000-01 i,j 1,496.58 i,j 275.88 5.00 20,264.09 1,875.50 21,760.67
2001-02 8.42 228.33 21.13 4.00 14,710.88 14,939.21

2002-03 8.00 33,299.88 3,781.33 33,299.88
2003-04 10.00 41,625.77 4,727.58 41,625.77
2004-05 13.00 82,137.22 10,185.74 82,137.22
2005-06 13.00 82,042.66 10,092.00 82,042.66
2006-07 15.50 1,10,432.51 16,041.72 1,10,432.51

2007-08 0.41 2,596.11 377.12 k 16.00 1,36,759.54 19,866.05 1,39,355.65
2008-09 2.00 12,805.48 1,860.16 16.00 1,36,443.72 19,549.31 1,49,249.20
2009-10 2.00 5,367.78 779.74 8.00 82,477.15 11,500.02 87,844.93
2010-11 12.00 1,30,777.35 15,671.62 1,30,777.35
2011-12 12.00 1,34,703.22 18,157.49 1,34,703.22

2012-13 8.00 90,569.91 12,872.69 90,569.91
2013-14 10.00 1,03,740.40 6,618.86 1,03,740.40
2014-15 8.00 92,627.74 14,930.51 92,627.74
2015-16 8.00 92,47,1.69 14,774.46 1,07,246.15
2016-17 10.00 1,16,893.21 19,771.66 1,36,664.87
a Including on Bonus Shares issued during the year.

b On the Capital as increased by Rights Issue of Ordinary Shares during 1987-88.
c The Ordinary Shares of `100 each have been sub-divided into Ordinary Shares of `10 each during 1989-90 and the rate of Dividend is per Ordinary Share of
`10 each.
d On the Capital as increased by shares allotted on Conversion of Convertible Debentures.
e On the Capital as increased by Rights Issue of Ordinary Shares during 1992-93.
f On the Capital as increased by Ordinary Shares issued during 1993-94 against Detachable Warrants.
g On the Capital as increased by Ordinary Shares issued during 1994-95 against Detachable Warrants and Foreign Currency Convertible Bonds.
h On the Capital as increased by Ordinary Shares issued during 1995-96 against Detachable Warrants, Foreign Currency Convertible Bonds and Naked Warrants.
i Includes Dividend of `22.30 lakhs on 9.25% Cumulative Redeemable Preference Shares for the period 1st April, 2000 to 27th June, 2000.
j Includes Dividend of `1,198.40 lakhs on 8.42% Cumulative Redeemable Preference Shares for the period 1st June, 2000 to 31st March, 2001.
k Dividend paid for 74 days.
@ Includes tax on dividend.

INDEPENDENT
AUDITORS REPORT
TO THE MEMBERS OF TATA STEEL LIMITED
An audit involves performing procedures to obtain audit evidence
Report on the Standalone Ind AS Financial Statements
about the amounts and the disclosures in the standalone Ind AS
We have audited the accompanying standalone Ind AS financial financial statements. The procedures selected depend on the
statements of TATA STEEL LIMITED (the Company), which auditors judgment, including the assessment of the risks of material
comprise the Balance Sheet as at March 31, 2017, and the Statement misstatement of the standalone Ind AS financial statements,
of Profit and Loss (including Other Comprehensive Income), the whether due to fraud or error. In making those risk assessments,
Cash Flow Statement and the Statement of Changes in Equity for the auditor considers internal financial control relevant to
the year then ended, and a summary of the significant accounting the Companys preparation of the standalone Ind AS financial
policies and other explanatory information. statements that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances. An audit
Managements Responsibility for the Standalone Ind AS also includes evaluating the appropriateness of the accounting
Financial Statements policies used and the reasonableness of the accounting estimates
made by the Companys Directors, as well as evaluating the overall
The Companys Board of Directors is responsible for the matters
presentation of the standalone Ind AS financial statements.
stated in Section 134(5) of the Companies Act, 2013 (the Act) with
respect to the preparation of these standalone Ind AS financial We believe that the audit evidence obtained by us, is sufficient
statements that give a true and fair view of the financial position, and appropriate to provide a basis for our audit opinion on the
financial performance including other comprehensive income, standalone Ind AS financial statements.
cash flows and changes in equity of the Company in accordance
with the accounting principles generally accepted in India, Opinion
including the Indian Accounting Standards (Ind AS) prescribed
In our opinion and to the best of our information and according
under section 133 of the Act.
to the explanations given to us, the aforesaid standalone Ind AS
This responsibility also includes maintenance of adequate financial statements give the information required by the Act in the
accounting records in accordance with the provisions of the Act manner so required and give a true and fair view in conformity with
for safeguarding the assets of the Company and for preventing the accounting principles generally accepted in India, of the state
and detecting frauds and other irregularities; selection and of affairs of the Company as at March 31, 2017, and its profit, total
application of appropriate accounting policies; making judgments comprehensive income, its cash flows and the changes in equity
and estimates that are reasonable and prudent; and design, for the year ended on that date.
implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy Report on Other Legal and Regulatory Requirements
and completeness of the accounting records, relevant to the
1. As required by Section 143(3) of the Act we report, to the
preparation and presentation of the standalone Ind AS financial
extent applicable that:
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error. a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
Auditors Responsibility belief were necessary for the purposes of our audit.
Our responsibility is to express an opinion on these standalone Ind b) In our opinion, proper books of account as required by
AS financial statements based on our audit. law have been kept by the Company so far as it appears
from our examination of those books.
In conducting our audit, we have taken into account the provisions
of the Act, the accounting and auditing standards and matters c) The Balance Sheet, the Statement of Profit and Loss
which are required to be included in the audit report under the including Other Comprehensive Income, the Cash Flow
provisions of the Act and the Rules made thereunder. Statement and Statement of Changes in Equity dealt
with by this Report are in agreement with the relevant
We conducted our audit of the standalone Ind AS financial
books of account.
statements in accordance with the Standards on Auditing specified
under Section 143(10) of the Act. Those Standards require that we d) In our opinion, the aforesaid standalone Ind AS financial
comply with ethical requirements and plan and perform the audit statements comply with the Indian Accounting
to obtain reasonable assurance about whether the standalone Ind Standards prescribed under section 133 of the Act.
AS financial statements are free from material misstatement.

STANDALONE
e) On the basis of the written representations received iv. The Company has provided requisite disclosures
from the directors as on March 31, 2017 taken on in the standalone Ind AS financial statements
record by the Board of Directors, none of the directors is as regards its holding and dealings in Specified
disqualified as on March 31, 2017 from being appointed Bank Notes as defined in the Notification
as a director in terms of Section 164(2) of the Act. S.O. 3407(E) dated November 8, 2016 of the
Ministry of Finance, during the period from
f ) With respect to the adequacy of the internal financial
November 8, 2016 to December 30, 2016.
controls over financial reporting of the Company and
Based on audit procedures performed and
the operating effectiveness of such controls, refer to our
the representations provided to us by the
separate Report in Annexure A. Our report expresses
management we report that the disclosures are in
an unmodified opinion on the adequacy and operating
accordance with the books of account maintained
effectiveness of the Companys internal financial
by the Company.
controls over financial reporting.
2. As required by the Companies (Auditors Report) Order, 2016
g)
With respect to the other matters to be included
(the Order) issued by the Central Government in terms
in the Auditors Report in accordance with Rule 11
of Section 143(11) of the Act, we give in Annexure B a
of the Companies (Audit and Auditors) Rules, 2014,
statement on the matters specified in paragraphs 3 and 4 of
as amended, in our opinion and to the best of our
the Order.
information and according to the explanations given to
us:
i.
The Company has disclosed the impact of For DELOITTE HASKINS & SELLS LLP
pending litigations on its financial position in its Chartered Accountants
standalone Ind AS financial statements; (Firms Registration No. 117366W/W-100018)
ii. The Company has made provision, as required
under the applicable law or accounting standards,
for material foreseeable losses, if any, on long-
N. Venkatram
term contracts including derivative contracts;
(Partner)
iii. There has been no delay in transferring amounts, (Membership No. 71387)
required to be transferred, to the Investor
Education and Protection Fund by the Company Mumbai, May 16, 2017

ANNEXURE A TO THE INDEPENDENT

AUDITORS REPORT
(Referred to in paragraph 1(f) under Report on Other Legal and plan and perform the audit to obtain reasonable assurance
and Regulatory Requirements section of our report of even about whether adequate internal financial controls over financial
date) reporting was established and maintained and if such controls
operated effectively in all material respects.
Report on the Internal Financial Controls Over Financial
Our audit involves performing procedures to obtain audit evidence
Reporting under Clause (i) of Sub-section 3 of Section 143
about the adequacy of the internal financial controls system over
of the Companies Act, 2013 (the Act)
financial reporting and their operating effectiveness. Our audit
of internal financial controls over financial reporting included
We have audited the internal financial controls over financial
obtaining an understanding of internal financial controls over
reporting of Tata Steel Limited (the Company) as of March 31,
financial reporting, assessing the risk that a material weakness
2017 in conjunction with our audit of the standalone Ind AS
exists, and testing and evaluating the design and operating
financial statements of the Company for the year ended on that
effectiveness of internal control based on the assessed risk. The
date.
procedures selected depend on the auditors judgement, including
the assessment of the risks of material misstatement of the financial
Managements Responsibility for Internal Financial
statements, whether due to fraud or error.
Controls
We believe that the audit evidence we have obtained is sufficient
The Companys management is responsible for establishing and
and appropriate to provide a basis for our audit opinion on
maintaining internal financial controls based on the internal
the Companys internal financial controls system over financial
control over financial reporting criteria established by the
reporting.
Company considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial Controls
Meaning of Internal Financial Controls Over Financial
Over Financial Reporting issued by the Institute of Chartered
Reporting
Accountants of India. These responsibilities include the design,
implementation and maintenance of adequate internal financial A companys internal financial control over financial reporting is a
controls that were operating effectively for ensuring the orderly and process designed to provide reasonable assurance regarding the
efficient conduct of its business, including adherence to respective reliability of financial reporting and the preparation of financial
companys policies, the safeguarding of its assets, the prevention statements for external purposes in accordance with generally
and detection of frauds and errors, the accuracy and completeness accepted accounting principles. A companys internal financial
of the accounting records, and the timely preparation of reliable control over financial reporting includes those policies and
financial information, as required under the Companies Act, 2013. procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions
Auditors Responsibility and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary
Our responsibility is to express an opinion on the Companys internal
to permit preparation of financial statements in accordance with
financial controls over financial reporting based on our audit. We
generally accepted accounting principles, and that receipts and
conducted our audit in accordance with the Guidance Note on
expenditures of the company are being made only in accordance
Audit of Internal Financial Controls Over Financial Reporting (the
with authorisations of management and directors of the company;
Guidance Note) issued by the Institute of Chartered Accountants
and (3) provide reasonable assurance regarding prevention or
of India and the Standards on Auditing prescribed under Section
timely detection of unauthorised acquisition, use, or disposition
143(10) of the Companies Act, 2013, to the extent applicable to
of the companys assets that could have a material effect on the
an audit of internal financial controls. Those Standards and the
financial statements.
Guidance Note require that we comply with ethical requirements

STANDALONE
Inherent Limitations of Internal Financial Controls Over established by the Company considering the essential components
Financial Reporting of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute
Because of the inherent limitations of internal financial controls
of Chartered Accountants of India.
over financial reporting, including the possibility of collusion
or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls For DELOITTE HASKINS & SELLS LLP
over financial reporting to future periods are subject to the risk that Chartered Accountants
the internal financial control over financial reporting may become (Firms Registration No. 117366W/W-100018)
inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
Opinion N. Venkatram
(Partner)
In our opinion and to the best of our information and according
(Membership No. 71387)
to the explanations given to us, the Company has, in all material
respects, an adequate internal financial controls system over
financial reporting and such internal financial controls over
financial reporting were operating effectively as at March 31,
2017, based on the internal control over financial reporting criteria

ANNEXURE B TO THE INDEPENDENT

AUDITORS REPORT
(Referred to in paragraph 2 under Report on Other Legal and and according to the information and explanations given to
Regulatory Requirements section of our report of even date) us, the inventories have been verified by the management
at reasonable intervals in relation to size of the Company
(i) (a) The Company has maintained proper records showing
and nature of business and no material discrepancies were
full particulars, including quantitative details and
noticed on physical verification.
situation of fixed assets.
(iii) According to the information and explanations given to us,
(b) The Company has a program of verification of fixed
the Company has granted loans, secured or unsecured, to
assets to cover all the items in a phased manner
companies, firms, Limited Liability Partnerships or other
over a period of three years which, in our opinion, is
parties covered in the register maintained under section 189
reasonable having regard to the size of the Company
of the Companies Act, 2013, in respect of which:
and the nature of its assets. Pursuant to the program,
certain fixed assets were physically verified by the (a) The terms and conditions of the grant of such loans
Management during the year. According to the are, in our opinion, prima facie, not prejudicial to the
information and explanations given to us no material Companys interest except an intercorporate deposit of
discrepancies were noticed on such verification. `21.37 crore placed with a subsidiary company which is
not a going concern.
(c) A
ccording to the information and explanations given
to us and the records examined by us and based on (b) The schedule of repayment of principal and payment
the examination of the registered sale deeds, transfer of interest has been stipulated and the repayments of
deeds, mutation of title papers, property tax papers and principal amounts and interest have been regular as per
conveyance deeds provided to us, we report that the stipulations except for loans and interest amounting
title deeds, comprising all the immovable properties to `539.73 crore representing due from a subsidiary
in respect of land and buildings which are freehold, company and interest amounting to `13.11 crore
are held in the name of the Company as at the balance representing due from three subsidiary companies.
sheet date, except the following:
(c)
Amounts referred to (b) above have been overdue
i. in respect to freehold land fair value at deemed for more than 90 days and, as explained to us, the
cost amounting to `60.16 crore (purchase cost Management has taken reasonable steps for recovery
`0.34 crore) the title deeds of which are held in of the principal amounts and interest thereon.
the name of erstwhile companies which have
(iv)
In our opinion and according to the information and
subsequently been amalgamated with the
explanations given to us, the Company has complied with
Company;
the provisions of Sections 185 and 186 of the Companies Act,
ii. title deeds to freehold land fair value at deemed 2013 in respect of grant of loans, making investments and
cost amounting to `1.87 crore (purchase price providing guarantees and securities, as applicable.
`0.03 crore) which has not been executed.
(v) According to the information and explanations given to us,
iii. title deeds to freehold land fair value at deemed the Company has not accepted any deposit during the year.
cost amounting to `117.68 crore (purchase cost In respect of unclaimed deposits, the Company has complied
`6.74 crore) were not readily available. with the provisions of Sections 73 to 76 or any other relevant
provisions of the Companies Act, 2013.
iv.
title deeds to buildings with gross carrying
amount and net carrying amount of `0.61 crore (vi) The maintenance of cost records has been specified by the
and `0.57 crore respectively were not readily Central Government under section 148(1) of the Companies
available. Act, 2013. We have broadly reviewed the cost records
maintained by the Company pursuant to the Companies
(ii) s explained to us, inventories of finished and semi-finished
A
(Cost Records and Audit) Rules, 2014, as amended and The
goods and raw materials at Works, Mines and Collieries were
Cost Accounting Records (Electricity Industry) Rules, 2011
physically verified during the year by the Management. In
prescribed by the Central Government under sub-section
respect of inventories of stores and spare parts and stocks
(1) of Section 148 of the Companies Act, 2013, and are of the
at stockyards and with consignment/conversion agents, the
opinion that, prima facie, the prescribed cost records have
Company has a programme of verification of stocks over a
been made and maintained. We have, however, not made
three year period. In case of materials lying with third parties,
a detailed examination of the cost records with a view to
certificates for stocks held have been received. In our opinion
determine whether they are accurate or complete.

STANDALONE
(vii) According to the information and explanations given to us, in respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State
Insurance, Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory
dues applicable to it with the appropriate authorities. We are informed that the Company intends to obtain exemption from
operations of Employees State Insurance Act at some locations and necessary steps have been taken by the Company. We
are also informed that actions taken by the authorities at some locations to bring the employees of the Company under
the Employees State Insurance Scheme has been contested by the Company and full payment has not been made of the
contributions demanded.
(b) There were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income-tax, Sales Tax,
Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2017
for a period of more than six months from the date they became payable, except for the following:
Name of Statute Nature of Dues Amount Period to which the Due Date Date of subsequent
(`crore) Amount Relates payment
MMDR Contribution to District Mineral 295.81 Jan15-Sep16 Sept16 Outstanding
Foundation and interest thereon
JVAT JVAT 2.18 2015-2017 Sept16 Outstanding
Sales Tax Act Sales Tax 2.07 2013-2014 Sept16 Outstanding
(c) Details of dues of Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax which have not been deposited as
on March 31, 2017 on account of disputes are given below:
Name of the Forum where Dispute is Period to which the amount relates Amount (net of Amounts paid
Statute pending payments) under Protest
(Nature of Dues) (`crore) (`crore)
CIT(A)/ITAT 2004-05, 2006-07 to 2009-10 368.81 1,047.72

Income Tax
Income Tax Officer 2010-11 0.67 -
High Court 2002-03 0.03 0.07
Customs Act
Commissioner 1993-94 & 2006-2008 83.59 50.00
Supreme Court 2004-05 235.48 -
High Court 1988-90, 2000-01 & 2003-06 14.54 0.10
Tribunal 1990-91, 1992-94, 1996-97 & 1998-99 to 1,008.70 43.36
Central Excise Act 2015-16
Commissioner 1988-90, 1994-2017 55.75 4.20
Deputy Commissioner 1985-87 & 1998-99 0.18 -
Assistant Commissioner 1982-2006, 2013-14 0.87 0.00
High Court 1973-74, 1977-79, 1983-84, 1991-97, 280.04 16.13
2000-02, 2003-04, 2007-09, 2012-2017
Tribunal 1980-81, 1983-85, 1987-99, 2001-2011 & 72.48 6.32
2012-2014
Commissioner 1988-90, 1991- 92, 1993-94, 2000-01 to 483.44 5.86
Sales Tax 2014-15 & 2016-2017
Deputy Commissioner 1975-76, 1977-78, 1983-88 & 1993-94 to 32.27 3.01
2011-12 & 2013-14
Assistant Commissioner 1973-74, 1980-81, 1983-84 to 1996-97, 11.55
2000-01 to 2005-06, 2008-09, 2013-2014,
2014-15 & 2016-2017

(viii)
In our opinion and according to the information and (xiv) During the year the Company has not made any preferential
explanations given to us, the Company has not defaulted in allotment or private placement of shares or fully or partly
the repayment of loans or borrowings to financial institutions, convertible debentures and hence reporting under clause
banks and government and dues to debenture holders. (xiv) of CARO 2016 is not applicable to the Company.
(ix)
In our opinion and according to the information and (xv)
explanations given to us, term loans taken have been applied explanations given to us, during the year the Company has
by the Company during the year for the purposes for which not entered into any non-cash transactions with its directors
they were raised, other than temporary deployment pending or directors of its holding, subsidiary or associate Company
application of proceeds. or persons connected with them and hence provisions of
section 192 of the Companies Act, 2013 are not applicable.
(x)
To the best of our knowledge and according to the
information and explanations given to us, no fraud by the (xvi) The Company is not required to be registered under section
Company and no material fraud on the Company has been 45-IA of the Reserve Bank of India Act, 1934.
noticed or reported during the year.
.
(xi)
explanations given to us, the Company has paid / provided
managerial remuneration in accordance with the requisite
approvals mandated by the provisions of section 197 read
with Schedule V to the Companies Act, 2013.
(Firms Registration No. 117366W/W-100018)
(xii) The Company is not a Nidhi Company and hence reporting
under clause (xii) of the CARO 2016 Order is not applicable.
(xiii)
N. Venkatram
explanations given to us the Company is in compliance with
(Partner)
Section 177 and 188 of the Companies Act, 2013, where
applicable, for all transactions with the related parties and
the details of related party transactions have been disclosed
in the financial statements as required by the applicable
accounting standards.

STANDALONE
BALANCE
SHEET as at March 31, 2017, 2016 and April 1, 2015
(` crore)
As at As at As at
Note Page March 31, 2017 March 31, 2016 April 1, 2015
ASSETS
I Non-current assets
(a) Property, plant and equipment 03 187 71,778.97 49,561.05 50,882.48
(b) Capital work-in-progress 6,125.35 28,174.01 24,153.78
(c) Intangible assets 05 191 788.18 527.34 177.14
(d) Intangible assets under development 38.61 31.87 16.46
(e) Investments in subsidiaries, associates and joint ventures 06 192 3,397.57 3,340.97 3,148.89
(f ) Financial assets
(i) Investments 07 195 4,958.33 4,119.45 10,853.13
(ii) Loans 08 199 211.97 205.96 141.83
(iii) Derivative assets 0.12 0.80 40.91
(iv) Other financial assets 09 200 79.49 36.92 60.70
(g) Income tax assets (net) 867.75 837.66 723.57
(h) Other assets 11 203 3,121.64 3,325.18 2,845.87
Total non-current assets 91,367.98 90,161.21 93,044.76
II Current assets
(a) Inventories 12 205 10,236.85 7,137.38 8,023.35
(b) Financial assets
(i) Investments 07 195 5,309.81 4,325.00 1,001.15
(ii) Trade receivables 13 205 2,006.52 1,133.17 1,057.02
(iii) Cash and cash equivalents 14 207 905.21 974.68 495.16
(iv) Other balances with bank 15 207 65.10 61.45 56.66
(v) Loans 08 199 27.14 18.75 82.04
(vi) Derivative assets 6.26 6.20 614.10
(vii) Other financial assets 09 200 315.06 207.75 234.01
(c) Other assets 11 203 1,225.48 1,088.87 1,025.09
Total current assets 20,097.43 14,953.25 12,588.58
TOTAL ASSETS 1,11,465.41 1,05,114.46 1,05,633.34
EQUITY AND LIABILITIES
III Equity
(a) Equity Share Capital 16 208 971.41 971.41 971.41
(b) Hybrid Perpetual Securities 17 210 2,275.00 2,275.00 2,275.00
(c) Other equity 18 210 48,687.60 45,665.97 49,217.90
Total equity 51,934.01 48,912.38 52,464.31
IV Non-current liabilities
(a) Financial liabilities
(i) Borrowings 19 213 24,694.37 23,926.76 24,316.10
(ii) Derivative liabilities 179.33 116.01 171.97
(iii) Other financial liabilities 20 216 18.22 396.51 841.89
(b) Provisions 21 216 2,024.74 1,862.05 1,320.99
(c) Retirement benefit obligations 22 217 1,484.21 1,252.45 1,623.23
(d) Deferred income 23 218 1,885.19 2,228.48 2,130.58
(e) Deferred tax liabilities (net) 10 201 6,111.27 5,610.70 6,231.55
(f ) Other liabilities 24 218 77.74 76.79 19.67
Total non-current liabilities 36,475.07 35,469.75 36,655.98
V Current liabilities
(i) Borrowings 19 213 3,239.67 5,888.00 819.74
(ii) Trade payables 25 218 10,717.44 6,196.88 4,935.96
(iii) Derivative liabilities 270.17 78.23 129.17
(iv) Other financial liabilities 20 216 4,062.35 4,633.35 7,738.90
(b) Provisions 21 216 700.60 280.64 182.99
(c) Retirement benefit obligations 22 217 56.58 56.67 51.53
(d) Income tax liabilities (net) 465.72 732.58 505.75
(e) Other liabilities 24 218 3,543.80 2,865.98 2,149.01
Total current liabilities 23,056.33 20,732.33 16,513.05
TOTAL EQUITY AND LIABILITIES 1,11,465.41 1,05,114.46 1,05,633.34
NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1-43
In terms of our report attached For and on behalf of the Board of Directors

For DELOITTE HASKINS & SELLS LLP N. Chandrasekaran Ishaat Hussain Andrew Robb N O. P. Bhatt Mallika Srinivasan Peter Blauwhoff
Chartered Accountants Chairman Director Director Director Director Director
sd/- sd/- sd/- sd/- sd/- sd/- sd/-

N. Venkatram Aman Mehta Deepak Kapoor D. K. Mehrotra Koushik Chatterjee T. V. Narendran Parvatheesam K.
Partner Director Director Director Group Executive Director Managing Director Company Secretary
(DIN: 00004989)

STATEMENT OF
PROFIT AND LOSS for the years ended March 31, 2017 and 2016
(` crore)
Year ended Year ended
Note Page March 31, 2017 March 31, 2016
I Revenue from operations 26 219 53,260.96 42,697.44
II Other income 27 219 414.46 391.16
III Total income 53,675.42 43,088.60
IV Expenses:
(a) Raw materials consumed 12,496.78 9,700.01
(b) Purchases of finished, semi-finished and other products 881.18 991.54
(c) Changes in stock of finished goods, work-in-progress and stock-in-trade 28 220 (1,329.65) 70.75
(d) Employee benefits expenses 29 220 4,605.13 4,319.89
(e) Finance costs 30 220 2,688.55 1,848.05
(f ) Depreciation and amortisation expense 31 221 3,541.55 2,962.28
(g) Other expenses 32 221 24,949.09 20,602.35
47,832.63 40,494.87
Less: Expenditure (other than interest) transferred to capital and other accounts 217.52 598.89
Total expenses 47,615.11 39,895.98
V Profit before exceptional items and tax (III-IV) 6,060.31 3,192.62
VI Exceptional items: 33 222
(a) Profit/(Loss) on sale of non-current investments - (0.85)
(b) Provision for impairment of investments/doubtful advances (170.87) (160.62)
(c) Provision for impairment of non-current assets - (51.51)
(d) Provision for demands and claims (218.25) (880.05)
(e) Employee separation compensation (178.68) (556.25)
(f ) Restructuring and other provisions (135.58) -
Total exceptional items (703.38) (1,649.28)
VII Profit before tax (V+VI) 5,356.93 1,543.34
VIII Tax expense:
(a) Current Tax 1,400.54 1,193.28
(b) Deferred Tax 511.84 (605.59)
Total tax expense 1,912.38 587.69
IX Profit for the year (VII-VIII) 3,444.55 955.65
X Other comprehensive income/(loss)
A (i) Items that will not be reclassified subsequently to the statement of
profit and loss
(a) Remeasurement gains/(losses) on post employment defined (217.79) (5.01)
benefit plans
(b) Fair value changes of investments in equity shares 819.01 (3,163.52)
(ii) Income tax on items that will not be reclassified subsequently to the 75.37 (239.78)
statement of profit and loss
B (i) Items that will be reclassified subsequently to the statement of
profit and loss
(a) Fair value changes of cash flow hedges (1.22) 1.80
(ii) Income tax on items that will be reclassified subsequently to the 0.42 (0.62)
Total other comprehensive income/(loss) 675.79 (3,407.13)
XI Total comprehensive income/(loss) for the year (IX+X) 4,120.34 (2,451.48)
XII Earnings per share 34 222
Basic and Diluted (`) 33.67 8.05
XIII Notes forming part of the financial statements 1-43


(DIN: 00004989)

STANDALONE
STATEMENT OF
CHANGES IN EQUITY for the years ended March 31, 2017 and 2016
A. EQUITY SHARE CAPITAL

(` crore)
Balance as at Changes during the year Balance as at
April 1, 2016 March 31, 2017
971.41 - 971.41
(` crore)
April 1, 2015 March 31, 2016
971.41 - 971.41
B. HYBRID PERPETUAL SECURITIES

(` crore)
April 1, 2016 March 31, 2017
2,275.00 - 2,275.00
(` crore)
April 1, 2015 March 31, 2016
2,275.00 - 2,275.00

STATEMENT OF
CHANGES IN EQUITY (CONTD.) for the years ended March 31, 2017 and 2016
C. OTHER EQUITY
(` crore)
Retained Other Other reserves Share Total
Earnings Comprehensive (Refer Note 18, application Equity
Income reserves Page 211) money pending
(Refer Note 18, allotment
Page 210)
Balance as at April 1, 2016 10,075.75 2,936.37 32,653.85 - 45,665.97
Profit for the year 3,444.55 - - - 3,444.55
Other comprehensive income (142.42) 818.21 - - 675.79
Total comprehensive income 3,302.13 818.21 - - 4,120.34
Dividend (776.97) - - - (776.97)
Tax on dividend (147.74) (147.74)
Distribution on Hybrid Perpetual Securities (266.10) - - - (266.10)
Tax on distribution on Hybrid Perpetual
Securities 92.09 - - - 92.09
Transfers within equity 1.75 (1.75) - - -
Application money received - - - 0.01 0.01
Balance as at March 31, 2017 12,280.91 3,752.83 32,653.85 0.01 48,687.60
(` crore)
Retained Other Other reserves Share Total
Earnings Comprehensive (Refer Note 18, application Equity
Income reserves Page 211) money pending
(Refer Note 18, allotment
Page 210)
Balance as at April 1, 2015 6,852.56 9,711.37 32,653.97 - 49,217.90
Profit for the year 955.65 - - - 955.65
Other comprehensive income (3.28) (3,403.85) - - (3,407.13)
Total comprehensive income 952.37 (3,403.85) - - (2,451.48)
Dividend (776.97) - - - (776.97)
Tax on dividend (149.30) (149.30)
Distribution on Hybrid Perpetual Securities (266.17) - - - (266.17)
Tax on distribution on Hybrid Perpetual
Securities 92.11 - - - 92.11
Transfers within equity 3,371.15 (3,371.15) - - -
Transfer to statement of profit and loss - - (0.12) - (0.12)
Balance as at March 31, 2016 10,075.75 2,936.37 32,653.85 - 45,665.97


(DIN: 00004989)

STANDALONE
STATEMENT OF
CASH FLOWS for the years ended March 31, 2017 and 2016
(` crore)
March 31, 2017 March 31, 2016
(A) CASH FLOWS FROM OPERATING ACTIVITIES:
Profit before taxes 5,356.93 1,543.34
Adjustments for:
Depreciation and amortisation expense 3,541.55 2,962.28
(Profit)/loss on sale of non-current investments (0.97) -
Income from non-current investments (96.01) (107.08)
(Profit)/loss on assets sold/discarded/written off 6.91 (2.12)
Exceptional (income)/expenses 703.38 1,649.28
(Gain)/loss on cancellation of forwards, swaps and options 66.95 1.21
Interest and income from current investments and guarantees (389.36) (270.26)
Finance costs 2,688.55 1,848.05
Exchange (gain)/loss on revaluation of foreign currency loans and swaps 15.47 (2.82)
Other non cash items (332.72) (0.01)
6,203.75 6,078.53
Operating profit before working capital changes 11,560.68 7,621.87
Adjustments for:
Non-Current/Current financial and other assets (1,071.92) (678.69)
Inventories (3,093.05) 887.48
Non-Current/Current financial and other liabilities/provisions 5,276.42 785.24
1,111.45 994.03
Cash generated from operations 12,672.13 8,615.90
Direct taxes paid (1,540.87) (1,244.10)
Net cash from/(used in) operating activities 11,131.26 7,371.80
(B) CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of fixed assets (3,172.87) (4,777.91)
Sale of fixed assets 6.80 32.13
Purchase of investments in subsidiaries (100.12) (171.28)
Sale of investments in subsidiaries - 0.06
Purchase of other non-current investments (177.73) (423.38)
Sale of other non-current investments 3.90 3,980.35
(Purchase)/sale of current investments (net) (668.19) (3,139.69)
Loans given (31.37) (44.69)
Repayment of loans given 20.43 62.92
Fixed deposits with banks (placed)/realised (6.72) (1.98)
Interest and guarantee commission received 117.34 24.67
Dividend received from subsidiaries 38.14 41.27
Dividend received from associates and joint ventures 40.89 22.87
Dividend received from others 8.48 42.94
Net cash from/(used in) investing activities (3,921.02) (4,351.72)

STATEMENT OF
CASH FLOWS (CONTD.) for the years ended March 31, 2017 and 2016
(` crore)
March 31, 2017 March 31, 2016
(C) CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issue of equity shares 0.01 -
Proceeds from borrowings 2,906.18 8,893.35
Repayment of borrowings (6,162.07) (7,912.44)
Repayment of finance lease obligations (111.63) (82.82)
Amount received/(paid) on utilisation/cancellation of derivatives (97.22) 625.29
Distribution on Hybrid Perpetual Securities (265.76) (266.49)
Interest paid (2,624.51) (2,871.06)
Dividend paid (776.97) (776.97)
Tax on dividend paid (147.74) (149.30)
Net cash from/(used in) financing activities (7,279.71) (2,540.44)
Net increase/(decrease) in cash and cash equivalents (69.47) 479.64
Opening cash and cash equivalents (ReferNote 14, Page 207) 974.68 495.16
Effect of exchange rate on translation of foreign currency cash and - (0.12)
cash equivalents
Closing cash and cash equivalents (ReferNote 14, Page 207) 905.21 974.68
(i) The Company has acquired property, plant and equipment of 730.00 crore (2015-16: Nil) on finance lease.


(DIN: 00004989)

STANDALONE
NOTES forming part of the financial statements
1. COMPANY INFORMATION (Accounting Standards) Rules, 2006 (Previous GAAP) to Ind AS

of total equity as at April 1, 2015 and March 31, 2016, total
Tata Steel Limited (the Company) is a public limited Company
comprehensive income and cash flow for the year ended
incorporated in India with its registered office in Mumbai,
March 31, 2016.
Maharashtra, India. The Company is listed on the Bombay
Stock Exchange (BSE) and the National Stock Exchange (NSE).
(b) Basis of preparation
The Company has presence across the entire value chain of
The financial statements have been prepared under the
steel manufacturing, from mining and processing iron ore
historical cost convention with the exception of certain assets
and coal to producing and distributing finished products. The
and liabilities that are required to be carried at fair values by
Company offers a broad range of steel products including a
Ind AS.
portfolio of high value-added downstream products such
as hot rolled, cold rolled and coated steel, rebars, wire rods, Fair value is the price that would be received to sell an asset
tubes and wires. or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
The financial statements as at March 31, 2017 present the
financial position of the Company.
(c) Use of estimates and critical accounting judgements
The functional and presentation currency of the Company
In preparation of the financial statements, the Company
is Indian Rupee (`) which is the currency of the primary
makes judgements, estimates and assumptions about the
economic environment in which the Company operates.
carrying values of assets and liabilities that are not readily
As on March 31, 2017, Tata Sons Limited (or Tata Sons) owns apparent from other sources. The estimates and the associated
29.75% of the Ordinary shares of the Company, and has the assumptions are based on historical experience and other
ability to influence the Companys operations factors that are considered to be relevant. Actual results may
differ from these estimates.
The financial statements for the year ended March 31, 2017
were approved by the Board of Directors and authorised for The estimates and the underlying assumptions are reviewed
issue on May 16, 2017. on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and
2. SIGNIFICANT ACCOUNTING POLICIES future periods affected.
The significant accounting policies applied by the Company Significant judgements and estimates relating to the carrying
in the preparation of its financial statements are listed below. values of assets and liabilities include useful lives of property,
Such accounting policies have been applied consistently to plant and equipment and intangible assets, impairment
all the periods presented in these financial statements and of property, plant and equipment, intangible assets and
in preparing the opening Ind AS Balance Sheet as at April 1, investments, provision for employee benefits and other
2015 for the purpose of transition to Ind AS, unless otherwise provisions, recoverability of deferred tax assets, commitments
indicated. and contingencies.
(a) Statement of compliance (d) Property, plant and equipment

In accordance with the notification issued by the Ministry of
An item of property, plant and equipment is recognised as an asset
Corporate Affairs, the Company has adopted Ind AS notified if it is probable that the future economic benefits associated with
under the Companies (Indian Accounting Standards) Rules, the item will flow to the Company and its cost can be measured
2015 with effect from April 1, 2016. reliably. This recognition principle is applied to the costs incurred
initially to acquire an item of property, plant and equipment and
The transition from Previous GAAP to Ind AS has been
also to costs incurred subsequently to add to, replace part of,
accounted for in accordance with Ind AS 101 First Time
or service it. All other repair and maintenance costs, including
Adoption of Indian Accounting Standards, with April 1, 2015
regular servicing, are recognised in the statement of profit and
being the transition date.
loss as incurred. When a replacement occurs, the carrying value
In accordance with Ind As 101 First time adoption of Indian of the replaced part is de-recognised. Where an item of property,
Accounting Standard, the Company has presented a plant and equipment comprises major components having
reconciliation from the presentation of financial statements different useful lives, these components are accounted for as
under accounting standards notified under the Companies separate items.

2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) asset is no longer classified as such when the technical
feasibility and commercial viability of extracting a mineral
Property, plant and equipment are stated at cost, less
resource are demonstrable and the development of the
accumulated depreciation and impairment. Cost includes all
deposit is sanctioned by the management. The carrying value
direct costs and expenditures incurred to bring the asset to
of such exploration and evaluation asset is reclassified to
its working condition and location for its intended use. Trial
mining assets.
run expenses (net of revenue) are capitalised. Borrowing costs
incurred during the period of construction is capitalised as
(f) Development expenditure for mineral reserves
part of cost of the qualifying assets.
Development is the establishment of access to mineral
The gain or loss arising on disposal of an asset is determined
reserves and other preparations for commercial production.
as the difference between the sale proceeds and the carrying
Development activities often continue during production and
value of the asset, and is recognised in the statement of profit include:
and loss.
sinking shafts and underground drifts (often called
(e) Exploration for and evaluation of mineral resources mine development)
making permanent excavations
Expenditures associated with search for specific mineral developing passageways and rooms or galleries
resources are recognised as exploration and evaluation assets. building roads and tunnels and
The following expenditure comprises cost of exploration and advance removal of overburden and waste rock.
evaluation assets:
Development (or construction) also includes the installation
obtaining of the rights to explore and evaluate mineral of infrastructure (e.g., roads, utilities and housing), machinery,
reserves and resources including costs directly related equipment and facilities.
to this acquisition
researching and analysing existing exploration data Development expenditure is capitalised and presented as
conducting geological studies, exploratory drilling and part of mining assets. No depreciation is charged on the
sampling development expenditure before the start of commercial
examining and testing extraction and treatment production.
methods
compiling pre-feasibility and feasibility studies (g) Provision for restoration and environmental costs
activities in relation to evaluating the technical The Company has liabilities related to restoration of soil and
feasibility and commercial viability of extracting a other related works, which are due upon the closure of certain
mineral resource. of its production sites.
Administration and other overhead costs are charged to
Such liabilities are estimated case-by-case based on
the cost of exploration and evaluation assets only if directly available information, taking into account applicable local
related to an exploration and evaluation project. legal requirements. The estimation is made using existing
If a project does not prove viable, all irrecoverable exploration technology, at current prices, and discounted using a discount
and evaluation expenditure associated with the project net rate where the effect of time value of money is material.
of any related impairment allowances is written off to the Future restoration and environmental costs, discounted to
statement of profit and loss. net present value, are capitalised and the corresponding
restoration liability is raised as soon as the obligation to incur
The Company measures its exploration and evaluation such costs arises. Future restoration and environmental costs
assets at cost and classifies as property, plant and equipment are capitalised in property, plant and equipment or mining
or intangible assets according to the nature of the assets assets as appropriate and are depreciated over the life of the
acquired and applies the classification consistently. To the related asset. The effect of the time value of money on the
extent that tangible asset is consumed in developing an restoration and environmental costs liability is recognised in
intangible asset, the amount reflecting that consumption is the statement of profit and loss.
capitalised as a part of the cost of the intangible asset.
(h) Intangible assets (excluding goodwill)
As the asset is not available for use, it is not depreciated.
All exploration and evaluation assets are monitored for Patents, trademarks and software costs are included in the
indications of impairment. An exploration and evaluation balance sheet as intangible assets where they are clearly

STANDALONE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) The estimated useful lives for the main categories of property,
plant and equipment and other intangible assets are:
linked to long term economic benefits for the Company. In
this case they are measured initially at purchase cost and then Estimated useful
amortised on a straight line basis over their estimated useful life (years)
lives. All other costs on patents, trademarks and software are Buildings upto 60 years*
expensed in the statement of profit and loss as and when Roads 5 years
incurred. Plant and Machinery upto 40 years*
Railway Sidings upto 35 years*
Expenditure on research activities is recognised as an expense
Vehicles and Aircraft 5 to 20 years
in the period in which it is incurred. Costs incurred on
Furniture, Fixtures and Office 4 to 6 years
individual development projects are recognised as intangible Equipments
assets from the date when all of the following conditions
Computer Software 5 years
are met:
Assets covered under Electricity Act (life 3 to 34 years
(i) completion of the development is technically feasible. as prescribed under the Electricity Act)
(ii) it is the intention to complete the intangible asset and
Mining assets are amortised over the useful life of the mine or
use or sell it.
lease period whichever is lower.
(iii) it is clear that the intangible asset will generate probable
future economic benefits. Major furnace relining expenses are depreciated over a period
(iv) adequate technical, financial and other resources of 10 years (average expected life).
to complete the development and to use or sell the
Freehold land is not depreciated.
intangible asset are available and;
(v) it is possible to reliably measure the expenditure Assets value upto `25,000 are fully depreciated in the year of
attributable to the intangible asset during its acquisition.
development.
*For these class of assets, based on internal assessment and
Recognition of costs as an asset is ceased when the project is independent technical evaluation carried out by chartered
complete and available for its intended use, or if these criteria engineers, the Company believes that the useful lives as given
no longer applicable. above best represent the period over which Company expects
to use these assets. Hence the useful lives for these assets are
Where development activities do not meet the conditions for
different from the useful lives as prescribed under Part C of
recognition as an asset, any associated expenditure is treated
Schedule II of the Companies Act, 2013.
as an expense in the period in which it is incurred.
Subsequent to initial recognition, intangible assets with (j) Impairment
definite useful lives are reported at cost less accumulated
At each balance sheet date, the Company reviews the carrying
amortisation and accumulated impairment losses.
values of its property, plant and equipment and intangible
assets to determine whether there is any indication that the
(i) Depreciation and amortisation of property, plant and
carrying value of those assets may not be recoverable through
equipment and intangible assets
continuing use. If any such indication exists, the recoverable
Depreciation or amortisation is provided so as to write amount of the asset is reviewed in order to determine the
off, on a straight line basis, the cost of property, plant and extent of impairment loss (if any). Where the asset does not
equipment and other intangible assets, including those held generate cash flows that are independent from other assets,
under finance leases to their residual value. These charges the Company estimates the recoverable amount of the cash
are commenced from the dates the assets are available for generating unit to which the asset belongs.
their intended use and are spread over their estimated useful
Recoverable amount is the higher of fair value less costs to
economic lives or, in the case of leased assets, over the lease
sell and value in use. In assessing value in use, the estimated
period, if shorter. The estimated useful lives of assets and
future cash flows are discounted to their present value using a
residual values are reviewed regularly and, when necessary,
pre-tax discount rate that reflects current market assessments
revised. No further charge is provided in respect of assets that
of the time value of money and the risks specific to the asset
are fully written down but are still in use.
for which the estimates of future cash flows have not been
Depreciation on assets under construction commences only adjusted. An impairment loss is recognised in the statement
when the assets are ready for their intended use.

2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) on the remaining balance of the liability. Finance charges are
recognised in the statement of profit and loss over the period
of profit and loss as and when the carrying value of an asset
of the lease.
exceeds its recoverable amount.
Where an impairment loss subsequently reverses, the carrying The Company as lessor
value of the asset (or cash generating unit) is increased to
(i) Operating lease Rental income from operating leases is
the revised estimate of its recoverable amount so that the
recognised in the statement of profit and loss on a straight
increased carrying value does not exceed the carrying value
line basis over the term of the relevant lease unless another
that would have been determined had no impairment loss
systematic basis is more representative of the time pattern in
been recognised for the asset (or cash generating unit) in
which economic benefits from the leased asset is diminished.
prior years. A reversal of an impairment loss is recognised in
Initial direct costs incurred in negotiating and arranging an
the statement of profit and loss immediately.
operating lease are added to the carrying value of the leased
asset and recognised on a straight line basis over the lease
(k) Leases
term.
The Company determines whether an arrangement contains
(ii) Finance lease When assets are leased out under a finance
a lease by assessing whether the fulfillment of a transaction
lease, the present value of the minimum lease payments is
is dependent on the use of a specific asset and whether the
recognised as a receivable. The difference between the gross
transaction conveys the right to use that asset to the Company
receivable and the present value of the receivable is recognised
in return for payment. Where this occurs, the arrangement
as unearned finance income. Lease income is recognised over
is deemed to include a lease and is accounted for either as
the term of the lease using the net investment method before
finance or operating lease.
tax, which reflects a constant periodic rate of return.
Leases are classified as finance leases where the terms of
the lease transfers substantially all the risks and rewards (l) Stripping costs
of ownership to the lessee. All other leases are classified as
The Company separates two different types of stripping costs
operating leases.
that are incurred in surface mining activity:
The Company as lessee developmental stripping costs and
production stripping costs
(i) Operating lease Rentals payable under operating leases
are charged to the statement of profit and loss on a straight Developmental stripping costs which are incurred in order
line basis over the term of the relevant lease unless another to obtain access to quantities of mineral reserves that will
systematic basis is more representative of the time pattern be mined in future periods are capitalised as part of mining
in which economic benefits from the leased asset are assets. Capitalisation of developmental stripping costs ends
consumed. Contingent rentals arising under operating leases when the commercial production of the mineral reserves
are recognised as an expense in the period in which they are begins.
incurred.
A mine can operate several open pits that are regarded
In the event that lease incentives are received to enter as separate operations for the purpose of mine planning
into operating leases, such incentives are recognised as a and production. In this case, stripping costs are accounted
liability. The aggregate benefit of incentives is recognised as for separately, by reference to the ore extracted from each
a reduction of rental expense on a straight line basis, except separate pit. If, however, the pits are highly integrated for the
where another systematic basis is more representative of the purpose of mine planning and production, stripping costs are
time pattern in which economic benefits from the leased aggregated too.
asset are consumed.
The determination of whether multiple pit mines are
(ii)
Finance lease Finance leases are capitalised at the considered separate or integrated operations depends on
commencement of lease, at the lower of the fair value of the each mines specific circumstances. The following factors
property or the present value of the minimum lease payments. normally point towards the stripping costs for the individual
The corresponding liability to the lessor is included in the pits being accounted for separately:
balance sheet as a finance lease obligation. Lease payments
mining of the second and subsequent pits is conducted
are apportioned between finance charges and reduction of
consecutively with that of the first pit, rather than
the lease obligation so as to achieve a constant rate of interest
concurrently

STANDALONE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) financial liabilities at fair value through profit and loss are
immediately recognised in the statement of profit and loss.
separate investment decisions are made to develop
each pit, rather than a single investment decision being
Effective interest method
made at the outset
the pits are operated as separate units in terms of mine The effective interest method is a method of calculating the
planning and the sequencing of overburden and ore amortised cost of a financial instrument and of allocating
mining, rather than as an integrated unit interest income or expense over the relevant period. The
expenditures for additional infrastructure to support the effective interest rate is the rate that exactly discounts future
second and subsequent pits are relatively large cash receipts or payments through the expected life of the
the pits extract ore from separate and distinct ore financial instrument, or where appropriate, a shorter period.
bodies, rather than from a single ore body.
(a) Financial assets
The relative importance of each factor is considered by the
management to determine whether, on balance, the stripping Cash and bank balances
costs should be attributed to the individual pit or to the
Cash and bank balances consist of:
combined output from the several pits.
(i) Cash and cash equivalents - which includes cash in
Production stripping costs are incurred to extract the ore in the
hand, deposits held at call with banks and other short
form of inventories and/or to improve access to an additional
term deposits which are readily convertible into known
component of an ore body or deeper levels of material.
amounts of cash, are subject to an insignificant risk of
Production stripping costs are accounted for as inventories
change in value and have maturities of less than one
to the extent the benefit from production stripping activity is
year from the date of such deposits. These balances
realised in the form of inventories.
with banks are unrestricted for withdrawal and usage.
The Company recognises a stripping activity asset in the
(ii) Other bank balances - which includes balances and
production phase if, and only if, all of the following are met:
deposits with banks that are restricted for withdrawal
it is probable that the future economic benefit and usage.
(improved access to the ore body) associated with the
Financial assets at amortised cost
stripping activity will flow to the Company
the entity can identify the component of the ore body Financial assets are subsequently measured at amortised cost
for which access has been improved and if these financial assets are held within a business model whose
the costs relating to the improved access to that objective is to hold these assets in order to collect contractual
component can be measured reliably. cash flows and the contractual terms of the financial asset give
rise on specified dates to cash flows that are solely payments
Such costs are presented within mining assets. After initial
of principal and interest on the principal amount outstanding.
recognition, stripping activity assets are carried at cost less
accumulated amortisation and impairment. The expected Financial assets measured at fair value
useful life of the identified component of the ore body is used
Financial assets are measured at fair value through other
to depreciate or amortise the stripping asset.
comprehensive income if these financial assets are held within
a business model whose objective is to hold these assets in
(m) Financial Instruments
order to collect contractual cash flows or to sell these financial
Financial assets and financial liabilities are recognised when assets and the contractual terms of the financial asset give rise
the Company becomes a party to the contractual provisions on specified dates to cash flows that are solely payments of
of the instrument. Financial assets and liabilities are initially principal and interest on the principal amount outstanding.
measured at fair value. Transaction costs that are directly
The Company in respect of equity investments (other than
attributable to the acquisition or issue of financial assets and
in subsidiaries, associates and joint ventures) which are not
financial liabilities (other than financial assets and financial
held for trading has made an irrevocable election to present
liabilities at fair value through profit and loss) are added to or
in other comprehensive income subsequent changes in the
deducted from the fair value measured on initial recognition
fair value of such equity instruments. Such an election is made
of financial asset or financial liability. The transaction costs
by the Company on an instrument by instrument basis at the
directly attributable to the acquisition of financial assets and
time of initial recognition of such equity investments.

2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) Financial Liabilities

Financial asset not measured at amortised cost or at fair value Trade and other payables are initially measured at fair value,
through other comprehensive income is carried at fair value net of transaction costs, and are subsequently measured
through the statement of profit and loss. at amortised cost, using the effective interest rate method
where the time value of money is significant.
Impairment of financial assets
Interest bearing bank loans, overdrafts and issued debt are
Loss allowance for expected credit losses is recognised for
initially measured at fair value and are subsequently measured
financial assets measured at amortised cost and fair value
at amortised cost using the effective interest rate method.
through other comprehensive income.
Any difference between the proceeds (net of transaction
The Company recognises life time expected credit losses costs) and the settlement or redemption of borrowings is
for all trade receivables that do not constitute a financing recognised over the term of the borrowings in the statement
transaction. of profit and loss.
For financial assets whose credit risk has not significantly De-recognition of financial liabilities
increased since initial recognition, loss allowance equal to
The Company de-recognises financial liabilities when, and
twelve months expected credit losses is recognised. Loss
only when, the Companys obligations are discharged,
allowance equal to the lifetime expected credit losses is
cancelled or they expire.
recognised if the credit risk on the financial instruments has
significantly increased since initial recognition. Derivative financial instruments and hedge accounting
De-recognition of financial assets
In the ordinary course of business, the Company uses certain
derivative financial instruments to reduce business risks which
The Company de-recognises a financial asset only when the
arise from its exposure to foreign exchange and interest rate
contractual rights to the cash flows from the asset expire, or
fluctuations. The instruments are confined principally to
it transfers the financial asset and substantially all risks and
forward foreign exchange contracts, cross currency swaps,
rewards of ownership of the asset to another entity.
interest rate swaps and collars. The instruments are employed
If the Company neither transfers nor retains substantially all as hedges of transactions included in the financial statements
the risks and rewards of ownership and continues to control or for highly probable forecast transactions/firm contractual
the transferred asset, the Company recognises its retained commitments. These derivatives contracts do not generally
interest in the assets and an associated liability for amounts it extend beyond six months, except for certain currency swaps
may have to pay. and interest rate derivatives.
If the Company retains substantially all the risks and rewards Derivatives are initially accounted for and measured at fair
of ownership of a transferred financial asset, the Company value from the date the derivative contract is entered into
continues to recognise the financial asset and also recognises and are subsequently re-measured to their fair value at the
a collateralised borrowing for the proceeds received. end of each reporting period.
The Company adopts hedge accounting for forward and
(b) Financial liabilities and equity instruments
interest rate contracts wherever possible. At the inception of
Classification as debt or equity each hedge, there is a formal, documented designation of the
hedging relationship. This documentation includes, inter alia,

Financial liabilities and equity instruments issued by the
items such as identification of the hedged item or transaction
Company are classified according to the substance of the
and the nature of the risk being hedged. At inception each
contractual arrangements entered into and the definitions of
hedge is expected to be highly effective in achieving an
a financial liability and an equity instrument.
offset of changes in fair value or cash flows attributable to
Equity instruments the hedged risk. The effectiveness of hedge instruments to
reduce the risk associated with the exposure being hedged
An equity instrument is any contract that evidences
is assessed and measured at the inception and on an ongoing
a residual interest in the assets of the Company after
basis. The ineffective portion of designated hedges is
deducting all of its liabilities. Equity instruments
recognised immediately in the statement of profit and loss.
are recorded at the proceeds received, net of direct
issue costs.

STANDALONE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) of the net defined benefit liability/(asset) are recognised
immediately in other comprehensive income. The service cost
When hedge accounting is applied:
and net interest on the net defined benefit liability/(asset) is
for fair value hedges of recognised assets and liabilities, treated as a net expense within employment costs.
changes in fair value of the hedged assets and liabilities
Past service cost is recognised as an expense when the plan
attributable to the risk being hedged, are recognised in the
amendment or curtailment occurs or when any related
statement of profit and loss and compensate for the effective
restructuring costs or termination benefits are recognised,
portion of symmetrical changes in the fair value of the
whichever is earlier.
derivatives
The retirement benefit obligation recognised in the balance
for cash flow hedges, the effective portion of the change in
sheet represents the present value of the defined-benefit
the fair value of the derivative is recognised directly in equity
obligation as reduced by the fair value plan assets.
and the ineffective portion is taken to the statement of profit
and loss. If the cash flow hedge of a firm commitment or
Compensated absences
forecasted transaction results in the recognition of a non-
financial asset or liability, then, at the time the asset or liability Compensated absences which are not expected to occur
is recognised, the associated gains or losses on the derivative within twelve months after the end of the period in which the
that had previously been recognised in equity are included employee renders the related service are recognised based on
in the initial measurement of the asset or liability. For hedges actuarial valuation at the present value of the obligation as on
that do not result in the recognition of a non-financial asset the reporting date.
or a liability, amounts deferred in equity are recognised in the
statement of profit and loss in the same period in which the (o) Inventories
hedged item affects the statement of profit and loss.
Inventories are stated at the lower of cost and net realisable
In cases where hedge accounting is not applied, changes in value. Costs comprise direct materials and, where applicable,
the fair value of derivatives are recognised in the statement of direct labour costs and those overheads that have been
profit and loss as and when they arise. incurred in bringing the inventories to their present location
and condition. Net realisable value is the price at which the
Hedge accounting is discontinued when the hedging
inventories can be realised in the normal course of business
instrument expires or is sold, terminated, or exercised, or
after allowing for the cost of conversion from their existing
no longer qualifies for hedge accounting. At that time, any
state to a finished condition and for the cost of marketing,
cumulative gain or loss on the hedging instrument recognised
selling and distribution.
in equity is retained in equity until the forecasted transaction
occurs. If a hedged transaction is no longer expected to Stores and spare parts are carried at lower of cost and net
occur, the net cumulative gain or loss recognised in equity is realisable value.
transferred to the statement of profit and loss for the period.
Provisions are made to cover slow moving and obsolete
items based on historical experience of utilisation on a
(n) Employee benefits
product category basis, which involves individual businesses
Defined contribution plans considering their product lines and market conditions.
Payments to defined contribution plans are charged as an
(p) Provisions
expense as they fall due. Payments made to state managed
retirement benefit schemes are dealt with as payments rovisions are recognised in the balance sheet when the
P
to defined contribution schemes where the Companys Company has a present obligation (legal or constructive) as a
obligations under the schemes are equivalent to those arising result of a past event, which is expected to result in an outflow
in a defined contribution retirement benefit scheme. of resources embodying economic benefits which can be
reliably estimated. Each provision is based on the best estimate
Defined benefit plans of the expenditure required to settle the present obligation
at the balance sheet date. Where the time value of money is
For defined benefit retirement schemes the cost of providing
material, provisions are measured on a discounted basis.
benefits is determined using the Projected Unit Credit
Method, with actuarial valuation being carried out at each Constructive obligation is an obligation that derives from an
balance sheet date. Re-measurement gains and losses entitys actions where:

2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) business or geographical area of operations, then it is treated
as a discontinued operation. The post-tax profit or loss of
(a) y an established pattern of past practice, published
b
the discontinued operation together with the gain or loss
policies or a sufficiently specific current statement, the
recognised on its disposal are disclosed as a single amount in
entity has indicated to other parties that it will accept
the statement of profit and loss, with all prior periods being
certain responsibilities and;
presented on this basis.
(b) a s a result, the entity has created a valid expectation
on the part of those other parties that it will discharge (t) Income taxes
those responsibilities.

Tax expense for the year comprises current and deferred
tax. The tax currently payable is based on taxable profit for
(q) Onerous contracts
the year. Taxable profit differs from net profit as reported in
A provision for onerous contracts is recognised when the the statement of profit and loss because it excludes items of
expected benefits to be derived by the Company from a income or expense that are taxable or deductible in other
contract are lower than the unavoidable cost of meeting its years and it further excludes items that are never taxable or
obligations under the contract. The provision is measured deductible. The Companys liability for current tax is calculated
at the present value of the lower of the expected cost of using tax rates and tax laws that have been enacted or
terminating the contract and the expected net cost of substantively enacted by the end of the reporting period.
continuing with the contract. Before a provision is established,
Deferred tax is the tax expected to be payable or recoverable
the Company recognises any impairment loss on the assets
on differences between the carrying values of assets and
associated with that contract.
liabilities in the financial statements and the corresponding
tax bases used in the computation of taxable profit and
(r) Government grants
is accounted for using the balance sheet liability method.
Government grants related to expenditure on property, plant Deferred tax liabilities are generally recognised for all taxable
and equipment are credited to the statement of profit and loss temporary differences. In contrast, deferred tax assets are
over the useful lives of qualifying assets or other systematic only recognised to the extent that it is probable that future
basis representative of the pattern of fulfilment of obligations taxable profits will be available against which the temporary
associated with the grant received. Total grants received less differences can be utilised.
the amounts credited to the statement of profit and loss at
The carrying value of deferred tax assets is reviewed at the end
the balance sheet date are included in the balance sheet as
of each reporting period and reduced to the extent that it is no
deferred income.
longer probable that sufficient taxable profits will be available
to allow all or part of the asset to be recovered.
(s) Non-current assets held for sale and discontinued
operations Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled or the asset is
Non-current assets and disposal groups classified as held for
realised based on the tax rates and tax laws that have been
sale are measured at the lower of their carrying value and fair
enacted or substantially enacted by the end of the reporting
value less costs to sell.
period. The measurement of deferred tax liabilities and assets
Assets and disposal groups are classified as held for sale if their reflects the tax consequences that would follow from the
carrying value will be recovered through a sale transaction manner in which the Company expects, at the end of the
rather than through continuing use. This condition is only reporting period, to cover or settle the carrying value of its
met when the sale is highly probable and the asset, or assets and liabilities.
disposal group, is available for immediate sale in its present
Deferred tax assets and liabilities are offset to the extent that
condition and is marketed for sale at a price that is reasonable
they relate to taxes levied by the same tax authority and there
in relation to its current fair value. The Company must also be
are legally enforceable rights to set off current tax assets and
committed to the sale, which should be expected to qualify
current tax liabilities within that jurisdiction.
for recognition as a completed sale within one year from the
date of classification. Current and deferred tax are recognised as an expense or
income in the statement of profit and loss, except when
Where a disposal group represents a separate major line of
they relate to items credited or debited either in other
business or geographical area of operations, or is part of a
comprehensive income or directly in equity, in which case
single coordinated plan to dispose of a separate major line of

STANDALONE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) (v) Foreign currency transactions and translations
the tax is also recognised in other comprehensive income or The financial statements of the Company are presented in
directly in equity. Indian rupees (`), which is the functional currency of the
Company and the presentation currency for the financial
Deferred tax assets include Minimum Alternate Tax (MAT)
statements.
paid in accordance with the tax laws in India, which is likely
to give future economic benefits in the form of availability of
In preparing the financial statements, transactions in
set off against future income tax liability. MAT is recognised as currencies other than the Companys functional currency are
deferred tax assets in the Balance Sheet when the asset can be recorded at the rates of exchange prevailing on the date of the
measured reliably and it is probable that the future economic transaction. At the end of each reporting period, monetary
benefit associated with the asset will be realised. items denominated in foreign currencies are re-translated at
the rates prevailing at the end of the reporting period. Non-
(u) Revenue monetary items carried at fair value that are denominated in
foreign currencies are retranslated at the rates prevailing on
Revenue is recognised to the extent that it is probable that the
the date when the fair value was determined. Non-monetary
economic benefits will flow to the Company and the revenue
items that are measured in terms of historical cost in a foreign
can be reliably measured, regardless of when the payment
currency are not translated.
is being made. Revenue is measured at the fair value of the
consideration received or receivable net of discounts, taking Exchange differences arising on translation of long term
into account contractually defined terms and excluding taxes foreign currency monetary items recognised in the financial
or duties collected on behalf of the government. statements before the beginning of the first Ind AS financial
reporting period in respect of which the Company has elected
Sale of goods to recognise such exchange differences in equity or as part of
cost of assets as allowed under Ind AS 101-First time adoption
Revenue from the sale of goods is recognised when the
of Indian Accounting Standard are recognised directly in
significant risks and rewards of ownership have been
equity or added/deducted to/ from the cost of assets as the
transferred to the buyer. No revenue is recognised if there are
case may be. Such exchange differences recognised in equity
significant uncertainties regarding recovery of the amount
or as part of cost of assets is recognised in the statement of
due, associated costs or the possible return of goods.
profit and loss on a systematic basis.
Interest income Exchange differences arising on the retranslation or settlement
of other monetary items are included in the statement of
Interest income is accrued on a time proportion basis, by
profit and loss for the period.
reference to the principal outstanding and the effective
interest rate applicable.
(w) Borrowing costs
Dividend income Borrowings costs directly attributable to the acquisition,
construction or production of qualifying assets, which are
Dividend income from investments is recognised when
assets that necessarily take a substantial period of time to get
the shareholders rights to receive payment have been
ready for their intended use or sale, are added to the cost of
established.
those assets, until such time as the assets are substantially
ready for the intended use or sale.
Rental income
Investment income earned on the temporary investment of
Rental income from investment properties and subletting of
specific borrowings pending their expenditure on qualifying
properties is recognised on a straight line basis over the term
assets is recognised in the statement of profit and loss.
of the relevant leases.
Discounts or premiums and expenses on the issue of debt
Commission income securities are amortised over the term of the related securities
and included within borrowing costs. Premiums payable on
Commission income is recognised when the services are
early redemptions of debt securities, in lieu of future finance
rendered.
costs, are written off as borrowing costs when paid.

3. PROPERTY, PLANT AND EQUIPMENT

[Item No. I(a), Page 172]
(` crore)
Land Buildings Plant and Furniture, Vehicles Railway Total
including Machinery fixtures Sidings
roads and office
equipments
Cost/Deemed cost as at April 1, 2016 13,777.17 4,920.91 34,717.09 238.29 309.00 414.72 54,377.18
Additions 281.57 801.91 23,744.86 114.00 22.12 609.28 25,573.74
Disposals - (0.05) (3.69) (0.11) (6.97) - (10.82)
Cost /Deemed cost as at March 31, 2017 14,058.74 5,722.77 58,458.26 352.18 324.15 1,024.00 79,940.10
Impairment as at April 1, 2016 0.13 1.32 0.09 - - - 1.54
Other re-classifications 0.02 - - - - - 0.02
Accumulated impairment as at March 31, 2017 0.15 1.32 0.09 - - - 1.56
Accumulated depreciation as at April 1, 2016 285.28 239.75 3,925.67 198.93 136.62 28.34 4,814.59
Charge for the period 105.14 221.68 2,919.71 47.62 28.10 29.24 3,351.49
Disposals - - (0.82) (0.09) (5.58) - (6.49)
Other re-classifications (0.02) - - - - - (0.02)
Accumulated depreciation as at March 31, 2017 390.40 461.43 6,844.56 246.46 159.14 57.58 8,159.57
Total accumulated depreciation and
390.55 462.75 6,844.65 246.46 159.14 57.58 8,161.13
impairment as at March 31, 2017
Net carrying value as at April 1, 2016 13,491.76 4,679.84 30,791.33 39.36 172.38 386.38 49,561.05
Net carrying value as at March 31, 2017 13,668.19 5,260.02 51,613.61 105.72 165.01 966.42 71,778.97
(` crore)
Land Buildings Plant and Furniture, Vehicles Railway Total
including Machinery fixtures Sidings
roads and office
equipments
Cost/Deemed cost as at April 1, 2015 13,614.02 4,582.69 33,710.66 215.91 284.93 413.38 52,821.59
Additions 163.60 342.37 1,010.06 22.53 31.67 1.34 1,571.57
Disposals (0.45) (4.15) (3.63) (0.15) (7.60) - (15.98)
Cost /Deemed cost as at March 31, 2016 13,777.17 4,920.91 34,717.09 238.29 309.00 414.72 54,377.18
Accumulated impairment as at April 1, 2015 - 1.25 - - - - 1.25
Charge for the period 0.13 0.11 0.09 - - - 0.33
Other re-classifications - (0.04) - - - - (0.04)
Accumulated impairment as at March 31, 2016 0.13 1.32 0.09 - - - 1.54
Accumulated depreciation as at April 1, 2015 234.08 0.59 1,409.42 176.90 116.87 - 1,937.86
Charge for the period 51.20 239.37 2,516.58 22.14 25.98 28.34 2,883.61
Disposals - (0.25) (0.33) (0.11) (6.23) - (6.92)
Other re-classifications - 0.04 - - - - 0.04
Accumulated depreciation as at March 31, 2016 285.28 239.75 3,925.67 198.93 136.62 28.34 4,814.59
Total accumulated depreciation and
285.41 241.07 3,925.76 198.93 136.62 28.34 4,816.13
impairment as at March 31, 2016
Net carrying value as at April 1, 2015 13,379.94 4,580.85 32,301.24 39.01 168.06 413.38 50,882.48
Net carrying value as at March 31, 2016 13,491.76 4,679.84 30,791.33 39.36 172.38 386.38 49,561.05
(i) Buildings include `2.32 crore (March 31, 2016: `2.32 crore; April 1, 2015: `2.32 crore) being cost of shares in co-operative housing
societies and limited companies.

STANDALONE
3. PROPERTY, PLANT AND EQUIPMENT (CONTD.)

(ii) The net carrying value of plant and machinery comprises of:
(` crore)
As at As at As at
March 31, 2017 March 31, 2016 April 1, 2015
Assets held under finance leases
Cost/ Deemed cost 3,522.09 2,792.09 2,792.09
Accumulated depreciation and impairment losses 1,486.69 1,393.74 1,325.13
2,035.40 1,398.35 1,466.96
Owned assets 49,578.21 29,392.98 30,834.28
51,613.61 30,791.33 32,301.24
(iii) The net carrying value of furniture, fixtures and office equipments comprises of:
(` crore)
As at As at As at
Furniture and fixtures:
Cost/Deemed cost 84.02 59.51 52.56
Accumulated depreciation and impairment losses 71.47 52.97 48.94
12.55 6.54 3.62
Office equipments:
Cost/Deemed cost 268.16 178.78 163.35
93.17 32.82 35.39
105.72 39.36 39.01
(iv) 221.25 crore (2015-16: 1,069.58 crore) of borrowing costs has been capitalised during the year on qualifying assets using a
capitalisation rate of 9.50% (2015-16: 9.50%).
(v) Rupee liability has increased by `137.11 crore (2015-16: `107.84 crore) arising out of realignment of the value of long-term foreign
currency loans and liabilities for procurement of property, plant and equipment. This increase has been adjusted against the carrying
cost of assets and has been depreciated over their remaining useful life. The depreciation for the current year is higher by `3.16 crore
(2015-16: `6.48 crore) on account of this adjustment.
(vi) With effect from April 1, 2016, the Company has revised the useful life of certain items of property, plant and equipment based
on technical evaluation on assessment of the physical condition of the underlying assets and benchmarking with peers across the
industry. Had there been no change in the useful life of assets, depreciation for the year would have been higher by `653.44 crore.
(vii) Property, plant and equipment (including capital work-in-progress) were tested for impairment during the year where indicators of
impairment existed. Based on an assessment of external market conditions relating to input costs and final product realisation and
evaluation of physical working conditions for items of property, plant and equipment, no indicators of impairment were identified
during the current year.
During the year ended March 31, 2016, the Company recognised an impairment charge of 10.43 crore which primarily relates to
expenses incurred on a project which the Company has decided to discontinue.

3. PROPERTY, PLANT AND EQUIPMENT (CONTD.)

(viii) Property, plant and equipment includes capital cost of in-house research facilities as below:
(` crore)
Buildings Plant and Furniture, Vehicles Total
Machinery fixtures & office
equipments
Cost/ Deemed cost as at April 1, 2016 0.26 60.00 5.01 0.09 65.36
0.08 41.21 4.62 0.09 46.00
Additions 5.78 6.56 1.07 - 13.41
0.18 18.79 0.38 - 19.35
Cost as at March 31, 2017 6.04 66.56 6.08 0.09 78.77
0.26 60.00 5.00 0.09 65.35
Capital work-in-progress 4.74
5.89
Figures in italics represents comparative figures of previous years.
(ix) The details of property, plant and equipment pledged against borrowings are presented in Note 19, Page 213.
4. LEASES
T he Company has taken land, buildings and plant and machinery under operating and finance leases. The following is the summary of
future minimum lease rental payments under non-cancellable operating leases and finance leases entered into by the Company:
A. Operating leases:
Significant leasing arrangements include lease of land for periods ranging between 12 to 99 years with renewal option, lease of office spaces
and assets dedicated for use under long term arrangements. Payments under long term arrangements involving use of dedicated assets
are allocated between those relating to the right to use of assets, executory services and for output based on the underlying contractual
terms and conditions. Any change in the allocation assumptions may have an impact on the lease assessment and/or lease classification.
Payments linked to changes in inflation index under the lease arrangements have been considered as contingent rent and recognised in
the statement of profit and loss as and when incurred.
Future minimum lease payments under non-cancellable operating leases are as below:
(` crore)
Minimum lease payments
As at As at As at
Not later than one year 139.98 166.03 135.61

Later than one year but not later than five years 375.79 411.74 341.29
Later than five years 1,273.85 952.38 224.46
1,789.62 1,530.15 701.36
During the year ended March 31, 2017, total operating lease rental recognised in the statement of profit and loss was `255.27 crore,
(2015-16: `231.30 crore) including contingent rent of `37.07 crore (2015-16: `37.24 crore).

STANDALONE
4. LEASES (CONTD.)
B. Finance leases:
Significant leasing arrangements include assets dedicated for use under long term arrangements. The arrangements covers a substantial
part of the economic life of the underlying asset and contain a renewal option on expiry. Payments under long term arrangements involving
use of dedicated assets are allocated between those relating to the right to use of assets, executory services and for output based on the
underlying contractual terms and conditions. Any change in the allocation assumptions may have an impact on lease assessment and/or
lease classification.
T he minimum lease payments and the present value of minimum lease payments in respect of arrangements classified as finance leases
are as below:
(` crore)
As at March 31, 2017 As at March 31, 2016 As at April 1, 2015
Minimum Present value Minimum Present value Minimum Present value
Lease of minimum Lease of minimum Lease of minimum
payments lease payments lease payments lease
payments payments payments
Not later than one year 437.55 112.69 352.08 99.98 358.92 94.25
Later than one year but not later than
five years 1,525.25 409.81 1,091.15 259.39 1,147.42 278.65
Later than five years 4,246.92 1,728.72 3,283.17 1,273.48 3,547.63 1,342.77
Total future minimum lease
6,209.72 2,251.22 4,726.40 1,632.85 5,053.97 1,715.67
commitments
Less: future finance charges 3,958.50 3,093.55 3,338.30
Present value of minimum lease
payments 2,251.22 1,632.85 1,715.67
Disclosed as:
Non-current borrowings
(Refer Note 19, Page 213) 2,138.53 1,532.87 1,621.42
Other financial liabilities -
Current (Refer Note 20, Page 216) 112.69 99.98 94.25
2,251.22 1,632.85 1,715.67

5. INTANGIBLE ASSETS
[Item No. I(c), Page 172]
(` crore)
Software Mining Total
costs assets
Cost/Deemed cost as at April 1, 2016 147.76 1,283.49 1,431.25
Additions 50.96 401.07 452.03
Cost/Deemed cost as at March 31, 2017 198.72 1,684.56 1,883.28
Accumulated impairment as at April 1, 2016 - 35.92 35.92
Charge for the period - 1.13 1.13
Accumulated impairment as at March 31, 2017 - 37.05 37.05
Accumulated amortisation as at April 1, 2016 122.72 745.27 867.99
Charge for the period 23.63 166.43 190.06
Accumulated amortisation as at March 31, 2017 146.35 911.70 1,058.05
Total accumulated amortisation and impairment as at March 31, 2017 146.35 948.75 1,095.10
Net carrying value as at April 1, 2016 25.04 502.30 527.34
Net carrying value as at March 31, 2017 52.37 735.81 788.18
(` crore)
Software Mining Total
costs assets
Cost/Deemed cost as at April 1, 2015 142.40 826.60 969.00
Additions 5.36 462.36 467.72
Disposals - (5.47) (5.47)
Cost/Deemed cost as at March 31, 2016 147.76 1,283.49 1,431.25
Accumulated impairment as at April 1, 2015 - - -
Charge for the period - 35.92 35.92
Accumulated impairment as at March 31, 2016 - 35.92 35.92
Accumulated amortisation as at April 1, 2015 108.01 683.85 791.86
Charge for the period 14.71 63.96 78.67
Disposals - (2.54) (2.54)
Accumulated amortisation as at March 31, 2016 122.72 745.27 867.99
Total accumulated amortisation and impairment as at March 31, 2016 122.72 781.19 903.91
Net carrying value as at April 1, 2015 34.39 142.75 177.14
Net carrying value as at March 31, 2016 25.04 502.30 527.34
(i) Mining assets represent expenditure incurred in relation to acquisition of mines, mine development expenditure post establishment
of technical and commercial feasibility and restoration obligations as per applicable regulations.
(ii) During the year, the Company recognised an impairment charge of 1.13 crore (2015-16: 35.92 crore) which represents expenditure
incurred in connection with mines which are not currently being operated by the Company.
(iii) Software costs include software related to in-house research and development 0.27 crore (March 31, 2016: 0.27 crore; April 1, 2015:
0.27 crore).

STANDALONE
6. INVESTMENT IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

[Item No. I(e), Page 172]
(` crore)
No. of shares of face As at As at As at
value of `10 each March 31, March 31, April 1,
fully paid-up unless 2017 2016 2015
otherwise specified
A. Investments carried at cost
(a) Equity Investments in Subsidiary Companies
(i) Quoted
(1) Tata Metaliks Ltd. 1,26,67,590 26.30 26.30 26.30
(2) Tayo Rolls Limited 55,87,372 - - -
(3) Tata Sponge Iron Limited 83,93,554 86.54 86.54 86.54
(4) The Tinplate Company of India Ltd. 7,84,57,640 395.02 395.02 395.02
507.86 507.86 507.86
(ii) Unquoted
(1) ABJA Investment Co. Pte. Ltd. 2,00,000 1.08 1.08 1.08
(Face value of USD 1 each)
(2) Adityapur Toll Bridge Company Limited 4,14,00,000 26.40 - -
(2,64,00,000 shares acquired during the current
year)
(3) Bangla Steel & Mining Co. Ltd. - - - -
(liquidated during the current year)
(4) Indian Steel & Wire Products Ltd. 56,92,651 3.08 3.08 3.08
(5) Jamshedpur Utilities & Services Company Limited 2,03,50,000 20.35 20.35 20.35
(6) Mohar Exports Services Pvt. Ltd. 3,352 - - -
(7) NatSteel Asia Pte. Ltd. 28,14,37,128 773.86 773.86 773.86
(Face value of SGD 1 each)
(8) Rujuvalika Investments Limited 13,28,800 60.40 60.40 -
(9) Tata Steel Special Economic Zone Limited 12,57,42,631 100.82 67.17 7.50
year)
(10) Tata Incorporated - - - 1.64
(11) Tata Korf Engineering Services Ltd.* 3,99,986 - - -
(12) Tata Steel (KZN) (Pty) Ltd. 12,96,00,000 - - -
(Face value of ZAR 1 each)
(13) Tata Steel Holdings Pte Ltd. 5,93,17,67,688 - - -
(Face value of GBP 1 each)
(14) Tata Steel Processing and Distribution Limited 6,82,50,000 274.45 274.45 274.45
(15) Tata Steel Odisha Limited 25,67,000 2.57 2.55 2.55
(17,000 shares acquired during the current year)
(16) Tata Pigments Limited 75,000 0.70 0.70 0.70
(Face value of `100 each)
(17) TS Alloys Limited 6,57,07,544 78.64 78.64 72.41
(18) Tata Steel Foundation 10,00,000 1.00 - -
(wholly owned subsidiary incorporated during the
current year)
1,343.35 1,282.28 1,157.62
Aggregate provision for impairment in value of (15.43) - -
investments
1,327.92 1,282.28 1,157.62
1,835.78 1,790.14 1,665.48

6. INVESTMENT IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES (CONTD.)

(` crore)
otherwise specified
(b) Investments in Associate Companies
(i) Quoted
(1) TRF Limited 37,53,275 5.79 5.79 5.82
5.79 5.79 5.82
(ii) Unquoted
(1) Kalinga Aquatics Limited* 10,49,920 - - -
(2) Kumardhubi Metal Casting and Engineering Ltd.* 10,70,000 - - -
(3) Nicco Jubilee Park Limited* 3,40,000 - - -
(4) Kumardhubi Fireclay and Silica Works Ltd.* 1,50,001 - - -
(5) Rujuvalika Investments Limited - - - 0.60
(6) Strategic Energy Technology Systems Private Limited 2,56,14,500 0.91 0.91 -
(7) Tata Construction and Projects Ltd.* 11,97,699 - - -
(8) TRL Krosaki Refractories Limited 55,63,864 42.38 42.38 42.38
(9) Others `33,520 (March 31, 2016 : `33,520; - - 0.01
April 1, 2015 : `67,040 )
43.29 43.29 42.99
Aggregate provision for impairment in value of 0.91 0.91 -
investments
42.38 42.38 42.99
48.17 48.17 48.81
(c) Investments in Joint Ventures
(i) Unquoted
(1) Bhubaneshwar Power Private Limited 4,36,00,825 43.72 32.76 25.23
year)
(2) Himalaya Steel Mills Services Private Limited 36,19,945 3.61 3.61 3.61
(3) mjunction services limited 40,00,000 4.00 4.00 4.00
(4) S & T Mining Company Private Limited 1,29,41,400 12.94 12.94 12.94
(5) Tata BlueScope Steel Limited 43,30,00,000 433.00 433.00 433.00
(6) Tata NYK Shipping Pte Ltd. 6,51,67,500 350.14 350.14 328.86
(Face value of USD 1 each)
(7) T M Mining Company Limited 1,62,800 0.16 0.16 0.16
(8) T M International Logistics Limited 91,80,000 9.18 9.18 9.18
(9) Jamshedpur Continuous Annealing and 47,53,20,000 475.32 475.32 445.74
Processing Company Private Limited
(10) Industrial Energy Limited 17,31,60,000 173.16 173.16 163.49
(11) Jamipol Limited 36,75,000 8.39 8.39 8.39
1,513.62 1,502.66 1,434.60
Total investment in subsidiaries, associates and joint ventures 3,397.57 3,340.97 3,148.89
* These investments are carried at a book value of `1.00

STANDALONE
6. INVESTMENT IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES (CONTD.)

(i) The Company holds 51% of total equity share capital and voting rights in T M International Logistics Limited, Jamshedpur Continuous
Annealing and Processing Company Private Limited and T M Mining Company Limited. However, decisions in respect of certain activities
which significantly affect the risks and rewards of the respective businesses require unanimous consent of all the shareholders. These
entities have therefore been considered as joint ventures.
(ii) The carrying value and market value of quoted and unquoted investments are as below:
(` crore)
As at As at As at
(a) Subsidiaries:
Aggregate carrying value of quoted investments 507.86 507.86 507.86
Aggregate market value of quoted investments 1,967.70 1,057.49 1,219.48
Aggregate carrying value of unquoted investments 1,327.92 1,282.28 1,157.62
(b) Associates:
Aggregate carrying value of quoted investments 5.79 5.79 5.82
Aggregate market value of quoted investments 85.35 110.87 123.26
Aggregate carrying value of unquoted investments 42.38 42.38 42.99
(c) Joint ventures:
Aggregate carrying value of unquoted investments 1,513.62 1,502.66 1,434.60
(iii) Other unquoted investments in associate companies include:

value of ` 10 each fully March 31, 2017 March 31, 2016 April 1, 2015
paid-up unless otherwise (`) (`) (`)
specified
(a) Malusha Travels Pvt. Ltd. 3,352 33,520.00 33,520.00 33,520.00
(b) Mohar Exports Services Pvt. Limited - - - 33,520.00
33,520.00 33,520.00 67,040.00

7. INVESTMENTS
[Item No. I(f )(i) and II(b)(i), Page 172]
A. NON-CURRENT
(` crore)
otherwise specified
(I) Investments carried at amortised cost:
Investments in Bonds and Debentures
(a) Associate Companies
(i) Unquoted
(1) Tata Construction & Projects Ltd. - - - -
10% Convertible debentures of `100 each
(97,000 debentures redeemed at face value on
liquidation during the current year)
(b) Other Companies
(i) Unquoted
(1) Medica TS Hospital Pvt. Ltd. 4,97,400 49.74 33.95 -
Secured optionally convertible redeemable
debentures (Face value of `1,000 each)
(1,57,900 debentures acquired during the
current year)
49.74 33.95 -
(II) Investments carried at fair value through other
comprehensive income:
Investments in Equity shares
(i) Quoted
(1) Credit Analysis & Research Limited 3,54,000 59.92 33.16 52.38
(2) Housing Development Finance Corporation Ltd. 7,900 1.19 0.87 1.04
(3) Tata Consultancy Services Limited 24,400 5.93 6.15 6.23
(Face Value of `1 each)
(4) Tata Motors Ltd. 8,36,37,697 3,896.26 3,233.43 8,345.85
(5) The Tata Power Company Ltd. 3,91,22,725 353.48 252.93 301.64
(6) Tata Investment Corporation Limited 2,46,018 15.64 11.62 14.09
(7) Titan Company Limited - - - 1,518.46
(8) Steel Strips Wheels Limited 10,86,972 89.75 39.27 35.18
(68,884 shares disposed during the current year)
(9) Timken India Ltd. - `645.05 (March 31, 2016: 1 - - -
`436.95; April 1, 2015: `611.10)
4,422.17 3,577.43 10,274.87

STANDALONE
7. INVESTMENTS (CONTD.)
(` crore)
otherwise specified
(ii) Unquoted
(1) IFCI Venture Capital Funds Ltd. 1,00,000 0.10 0.10 0.10
(2) Medica TS Hospital Pvt Ltd. 2,60,000 0.26 0.26 0.26
(3) Panatone Finvest Ltd. 45,000 0.05 0.05 0.05
(4) Steelscape Consultancy Pvt. Ltd. 50,000 - - -
(5) Tarapur Environment Protection Society 82,776 0.89 0.89 0.31
(6) Tata Industries Ltd. 99,80,436 202.19 202.19 202.19
(7) Tata International Ltd. 28,616 31.19 31.19 31.19
(Face value of `1,000 each)
(8) Tata Projects Ltd. - - - 32.36
(9) Tata Services Ltd. 1,621 0.16 0.16 0.16
(10) Tata Teleservices Ltd. 6,46,92,310 75.82 100.27 138.68
(11) Tata Sons Limited 12,375 68.75 68.75 68.75
(12) Taj Air Limited 42,00,000 - 4.20 4.20
(13) Subarnarekha Port Private Limited 1,72,517 7.00 - -
(1,72,517 shares acquired during the current year)
(14) Others `1,20,225 (March 31, 2016: `1,20,225; 0.01 0.01 0.01
April 1, 2015: `1,20,225)
386.42 408.07 478.26
4,808.59 3,985.50 10,753.13
(III) Investments carried at fair value through statement of
profit and loss:
Investments in preference shares
(a) Subsidiary Companies
(i) Unquoted
(1) Tata Metaliks Ltd. 1,00,00,000 100.00 100.00 100.00
8.50% non-cumulative redeemable
preference shares
(2) Tayo Rolls Limited 2,31,00,000 - - -
preference shares
(3) Tayo Rolls Limited 26,75,000 - - -
preference shares
(Face value of `100 each) (26,75,000 shares
subscribed during the current year)
100.00 100.00 100.00
4,958.33 4,119.45 10,853.13


B. CURRENT
(` crore)
As at As at As at
Investments carried at fair value through the statement of profit and
loss:
Investments in Mutual funds Unquoted
(a) Axis Liquid Fund - Growth 571.11 380.30 -
(b) DSP BlackRock Liquidity Fund - IP - Growth 125.03 - -
(c) Goldman Sachs Mutual Fund - Liquid Bees 0.08 0.08 0.07
(d) HDFC Liquid Fund - Growth 500.33 500.70 -
(e) ICICI Prudential Money Market Fund - Reg - Growth 604.05 700.76 -
(f ) ICICI Prudential Liquid - Reg - Growth - - 100.05
(g) IDFC Cash Fund - Reg - Growth 231.34 - -
(h) Invesco India Liquid Fund - Growth 353.60 - -
(i) JM High Liquidity - Growth 25.08 - -
(j) Kotak Liquid Scheme - Plan A - Growth - 300.32 -
(k) Kotak Liquid Scheme - Reg - Growth 339.61 - -
(l) Reliance Liquidity Fund - Growth 1,006.74 630.67 100.06
(m) Religare Invesco Liquid Fund - Growth - 100.07 -
(n) SBI Premier Liquid Fund - Reg - Growth 300.25 350.46 50.07
(o) Tata Money Market Fund - Plan A - Growth - - 750.90
(p) Tata Money Market Fund - Reg - Growth 659.59 901.01 -
(q) UTI Liquid Fund - Cash Plan - IP - Growth 593.00 460.63 -
5,309.81 4,325.00 1,001.15
(i) The carrying value and market value of quoted and unquoted investments are as below:
(` crore)
As at As at As at
(a) Quoted
Carrying value 4,422.17 3,577.43 10,274.87
Market value 4,422.17 3,577.43 10,274.87
(b) Unquoted#
Carrying value 5,845.97 4,867.02 1,579.41
# Costs of unquoted equity instruments has been considered as an appropriate estimate of fair value because of a wide range of possible
fair value measurements and cost represents the best estimate of fair value within that range.

STANDALONE
(ii) Details of other unquoted investments carried at fair value through other comprehensive income are as below:
No. of shares As at As at As at
of face value March 31, March 31, April 1,
of `10 each 2017 2016 2015
fully paid- (`) (`) (`)
up unless
otherwise
specified
(a)
Barajamda Iron Ore Mine Workers Central Co-operative 200 5,000.00 5,000.00 5,000.00
Stores Ltd.
(b) Bokaro and Ramgarh Ltd. 100 16,225.00 16,225.00 16,225.00
(c) Eastern Synpacks Limited 1,50,000 1.00 1.00 1.00
(d) Ferro Manganese Plant Employees Consumer Co-operative 100 2,500.00 2,500.00 2,500.00
Society Ltd.
(e) Investech Advisory Services (India) Limited 1,680 1.00 1.00 1.00
(f ) Jamshedpur Co-operative House Building Society Ltd. 10 1,000.00 1,000.00 1,000.00
(g) Jamshedpur Co-operative Stores Ltd. 50 250.00 250.00 250.00
(h) Jamshedpur Educational and Culture Co-operative 50 5,000.00 5,000.00 5,000.00
Society Ltd.
(i) Joda East Iron Mine Employees Consumer Co-operative 100 2,500.00 2,500.00 2,500.00
Society Ltd.
(j) Namtech Electronic Devices Limited 48,026 1.00 1.00 1.00
(k) Reliance Firebrick and Pottery Company Ltd. 16,800 1.00 1.00 1.00
(Partly paid-up)
(l) Reliance Firebrick and Pottery Company Ltd. 2,400 1.00 1.00 1.00
(m) Sanderson Industries Ltd. 3,33,876 2.00 2.00 2.00
(n) Standard Chrome Ltd. 11,16,000 2.00 2.00 2.00
(o) Sijua (Jherriah) Electric Supply Co. Ltd. 4,144 40,260.00 40,260.00 40,260.00
(p) TBW Publishing and Media Pvt. Limited 100 1.00 1.00 1.00
(q) Wellman Incandescent India Ltd. 15,21,234 2.00 2.00 2.00
(r) Woodland Multispeciality Hospital Ltd. 1,25,000 1.00 1.00 1.00
(s) Unit Trust of India - Mastershares 2,229 47,477.00 47,477.00 47,477.00
1,20,225.00 1,20,225.00 1,20,225.00

8. LOANS
[Item No. I(f )(ii) and II(b)(v), Page 172]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Security deposits
Unsecured, considered good 190.04 181.17 114.10
Unsecured, considered doubtful 1.26 1.40 1.72
Less: Allowance for credit losses 1.26 1.40 1.72
190.04 181.17 114.10
(b) Loans to related parties
- - -
(c) Other loans
21.93 24.79 27.73
211.97 205.96 141.83
B. CURRENT
(` crore)
As at As at As at
(a) Loans to related parties
21.51 11.50 73.79
(b) Other loans
5.63 7.25 8.25
27.14 18.75 82.04
(i) Security deposits include deposit with a subsidiary `14.00 crore (March 31, 2016: `14.00 crore; April 1, 2015: `14.00 crore) and Tata
Sons `1.25 crore (March 31, 2016: `1.25 crore; April 1, 2015: `1.25 crore).
(ii) Non-current loans to related parties represent loans given to subsidiaries `539.73 crore (March 31, 2016: `540.51 crore; April 1, 2015:
`530.57 crore).
(iii) Current loans to related parties represent inter-corporate deposits given to subsidiaries `82.14 crore (March 31, 2016: `71.19 crore;
April 1, 2015: `26.50 crore) and joint venture Nil (March 31, 2016: Nil; April 1, 2015: `62.29 crore).
(iv) Current other loans include inter-corporate deposits `2.00 crore (March 31, 2016: `2.00 crore; April 1, 2015: `2.00 crore) and loans
given to employees.

STANDALONE
8. LOANS (CONTD.)
[Item No. I(f )(ii) and II(b)(v), Page 172]
(v) Disclosure as per Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015:
As at Maximum balance Investment by the loanee in
Name of the Company Relationship March 31, 2017 outstanding during the year shares of parent Company
` crore ` crore No. of Shares
Tata Steel Special Economic Zone Subsidiary 10.00 10.00 -
Limited
- - -
- - -
Tayo Rolls Limited Subsidiary 60.00 65.00 -
43.63 43.63 -
- - -
Industrial Energy Limited Joint venture - - -
- 62.29 -
62.29 139.20 -
Tata Steel (KZN) (Pty) Ltd. Subsidiary 539.73 561.77 -
540.51 541.66 -
530.57 541.86 -
Jamshedpur Utilities & Services Subsidiary 11.50 11.50 -
Company Limited
11.50 11.50 -
11.50 11.50 -
Adityapur Toll Bridge Company Subsidiary - 15.43 -
Limited
15.43 15.43 -
15.00 15.00 -
The above loans and inter-corporate deposits have been given for business purpose.
(vi) There are no outstanding debts due from directors or other officers of the Company.
9. OTHER FINANCIAL ASSETS

[Item No. I(f )(iv) and II(b)(vii), Page 172]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Interest accrued on deposits and loans
(b) Earmarked bank balances 37.74 35.01 37.81
(c) Other financial assets

Unsecured, considered good 39.48 - 21.27
Unsecured, considered doubtful 119.72 - -
Less: Allowance for credit losses 119.72 - -
39.48 - 21.27
79.49 36.92 60.70

9. OTHER FINANCIAL ASSETS (CONTD.)

[Item No. I(f )(iv) and II(b)(vii), Page 172]
B. CURRENT
(` crore)
As at As at As at
9.98 11.84 6.63
(b) Other financial assets 305.08 195.91 227.38

315.06 207.75 234.01
(i) Earmarked bank balances represent deposits not due for realisation within 12 months from the balance sheet date. These are primarily
placed as security with government bodies and margin money against issue of bank guarantees.
(ii) Non-current other financial assets include:
(a) advance against equity for purchase of shares in subsidiaries and joint ventures `12.30 crore (March 31, 2016: Nil; April 1, 2015:
`21.27 crore)
(b)
advance for repurchase of equity shares in Tata Teleservices Limited (TTSL) from NTT Docomo Inc, `144.07 crore
(March 31, 2016: Nil; April 1, 2015: Nil).
(iii) Current other financial assets include amount receivable from post-employment benefit fund `247.04 crore (March 31, 2016: `97.61
crore; April 1, 2015: `154.34 crore) on account of retirement benefit obligations paid by the Company directly.
10. INCOME TAX

[Item No. IV(e), Page 172]
A. INCOME TAX EXPENSES/(BENEFITS)

The Company is subject to income tax in India on the basis of standalone financial statements. As per the Income Tax Act, the Company is
liable to pay income tax which is the higher of regular income tax payable or the amount payable based on the provisions applicable for
Minimum Alternate Tax (MAT).
MAT paid in excess of regular income tax during a year can be carried forward for a period of 15 years and can be offset against future tax
liabilities.
Companies can claim for tax exemptions/deductions under specific section subject to fulfilment of prescribed conditions as may be
applicable. The effective tax rate of the Company was lower as a result of tax deduction claimed by the Company on account of investment
allowance on capital expenditure, expenditure on research and development etc.
Business loss can be carried forward for a maximum period of eight assessment years immediately succeeding the assessment year to which
the loss pertains. Unabsorbed depreciation can be carried forward for an indefinite period.

STANDALONE
10. INCOME TAX (CONTD.)

The reconciliation of estimated income tax to income tax expense is as below:

(` crore)
March 31, 2017 March 31, 2016
Profit/(loss)before tax 5,356.93 1,543.34
Expected income tax expense at statutory income tax rate 1,853.93 534.12
(i) Income exempt from tax/Items not deductible 188.06 133.86
(ii) Tax on income at different rates - (13.54)
(iii) Additional tax benefit for capital investment including research and development (129.61) (66.75)
expenditures
Tax expense as reported 1,912.38 587.69
B. DEFERRED TAX ASSETS/(LIABILITIES)
(i) Components of deferred tax assets and liabilities as at March 31, 2017 is as below:
(` crore)
Balance as at Recognised/ Recognised Recognised Balance as at
April 1, 2016 (reversed) in in other in equity March 31, 2017
statement of comprehensive
profit and loss income
Deferred tax assets:
Tax-loss carry forwards - 107.43 - - 107.43
Investments 3,011.56 - - - 3,011.56
Retirement benefit assets 184.21 - - - 184.21
Provisions 1,500.89 320.57 - - 1,821.46
MAT credit entitlement 269.38 1,243.92 - - 1,513.30
Others 192.32 (116.22) 0.42 - 76.52
5,158.36 1,555.70 0.42 - 6,714.48
Deferred tax liabilities:
Property, plant and equipment and 10,695.66 2,096.77 - (10.85) 12,781.58
intangible assets
Others 73.40 (29.23) - - 44.17
10,769.06 2,067.54 - (10.85) 12,825.75
Net deferred tax assets/(liabilities) (5,610.70) (511.84) 0.42 10.85 (6,111.27)
Disclosed as:
Deferred tax assets - -
Deferred tax liabilities (5,610.70) (6,111.27)
(5,610.70) (6,111.27)

10. INCOME TAX (CONTD.)

Components of deferred tax assets and liabilities as at March 31, 2016 is as below:
(` crore)
Balance as at Recognised/ Recognised Recognised Balance as at
April 1, 2015 (reversed) in in other in equity March 31, 2016
statement of profit comprehensive
and loss income
Deferred tax assets:
Investments 3,011.56 - - - 3,011.56
Retirement benefit assets 184.21 - - - 184.21
Provisions 1,122.93 377.96 - - 1,500.89
MAT credit entitlement 117.21 152.17 - - 269.38
Others 206.32 (13.38) (0.62) - 192.32
4,642.23 516.75 (0.62) - 5,158.36
Deferred tax liabilities:
Property, plant and equipment and 10,791.90 (80.36 ) - (15.88) 10,695.66
intangible assets
Others 81.88 (8.48) - - 73.40
10,873.78 (88.84) - (15.88) 10,769.06
Net deferred tax assets/(liabilities) (6,231.55) 605.59 (0.62) 15.88 (5,610.70)
Disclosed as:
Deferred tax assets - -
Deferred tax liabilities (6,231.55) (5,610.70)
(6,231.55) (5,610.70)
(ii) The Company has not recognised deferred tax assets amounting to `8,034.23 crore as on March 31, 2017 (March 31, 2016: `8,034.23
crore; April 1, 2015: `8,034.23 crore) on fair value adjustment recognised in respect of investments held in a subsidiary on transition to
Ind AS due to uncertainty surrounding availability of future taxable income against which such losses can be offset.
11. OTHER ASSETS

[Item No. I(h) and II(c), Page 172]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Capital advances
Unsecured, considered doubtful 86.15 73.43 -
Less: Provision for doubtful advances 86.15 73.43 -
359.62 598.17 781.29
(b) Advance with public bodies

Unsecured, considered good 1,765.85 1,851.83 1,332.05
Less: Provision for doubtful advances 12.76 12.73 13.30
1,765.85 1,851.83 1,332.05

STANDALONE
11. OTHER ASSETS (CONTD.)

[Item No. I(h) and II(c), Page 172]
(` crore)
As at As at As at
(c) Prepaid lease payments 890.15 821.50 681.95
(d) Capital advances to related parties 95.46 35.20 47.53
(e) Other assets

Unsecured, considered doubtful - - 2.99
Less: Provision for doubtful advances - - 2.99
10.56 18.48 3.05
3,121.64 3,325.18 2,845.87
B. CURRENT
(` crore)
As at As at As at
(a) Advance with public bodies
Unsecured, considered good 1,023.97 917.13 807.56
1,023.97 917.13 807.56
(b) Advances to related parties
Unsecured, considered doubtful - 23.97 -
Less: Provision for doubtful advances - 23.97 -
28.02 39.41 66.14
(c) Other assets
173.49 132.33 151.39
1,225.48 1,088.87 1,025.09
(i) Advance with public bodies primarily relate to duty credit entitlements and amounts paid under protest in respect of demands from
regulatory authorities.
(ii) Prepaid lease payment relate to land leases classified as operating in nature as the title is not expected to transfer at the end of the lease
term and considering that land has an indefinite economic life.
(iii) Other assets include advances against supply of goods and services and advances paid to employees.

12. INVENTORIES
[Item No. II(a), Page 172]
(` crore)
As at As at As at
(a) Raw materials 3,898.99 2,368.61 3,265.19
(b) Work-in-progress 5.88 18.30 44.32
(c) Finished and semi-finished goods 4,096.56 2,792.69 2,869.82
(d) Stock-in-trade 107.95 69.75 37.35
(e) Stores and spares 2,127.47 1,888.03 1,806.67
10,236.85 7,137.38 8,023.35
Included above, goods-in-transit:
(i) Raw materials 644.38 382.42 598.63
(ii) Finished and semi-finished goods - 0.04 19.62
(iii) Stock-in-trade 97.09 65.31 23.85
(iv) Stores and spares 136.30 160.70 160.77
877.77 608.47 802.87
(i) The value of inventories above is stated after impairment of `60.81 crore (March 31, 2016: `68.99 crore; April 1, 2015: `48.08 crore) for
write-downs to net realisable value and provision for slow moving and obsolete item.
(ii) Cost of inventory recognised as expense during the year amounted to 38,704.78 crore (2015-16: 32,796.55 crore).
13. TRADE RECEIVABLES

[Item No. II(b)(ii), Page 172]
(` crore)
As at As at As at
(a) Unsecured, considered good 2,006.52 1,133.17 1,057.02
(b) Unsecured, considered doubtful 18.10 13.96 16.67
2,024.62 1,147.13 1,073.69
2,006.52 1,133.17 1,057.02
In determining the allowances for credit losses of trade receivables, the Company has used a practical expedient by computing the
expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit
loss experience and is adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the receivables
that are due and rates used in the provision matrix.
(i) Movements in allowance for credit losses of receivables is as below:

(` crore)
March 31, 2017 March 31, 2016
Balance at the beginning of the year 13.96 16.67
Charge in statement of profit and loss 7.64 5.29
Release to statement of profit and loss (2.03) (3.97)
Utilised during the year (1.47) (4.03)
Balance at the end of the year 18.10 13.96

STANDALONE
13. TRADE RECEIVABLES (CONTD.)

(ii) Ageing of trade receivables and credit risk arising there from is as below:
(` crore)
As at March 31, 2017
Gross credit risk Allowance for Net credit risk
credit losses
Amounts not yet due 1,868.93 0.50 1,868.43
One month overdue 48.67 0.31 48.36
Two months overdue 12.95 0.33 12.62
Three months overdue 9.25 0.30 8.95
Between three to six months overdue 18.63 1.09 17.54
Greater than six months overdue 66.19 15.57 50.62
2,024.62 18.10 2,006.52
(` crore)
credit losses
Amounts not yet due 999.16 1.55 997.61
Three months overdue 8.69 0.06 8.63
1,147.13 13.96 1,133.17
(` crore)
As at April 1, 2015
credit losses
Amounts not yet due 974.16 0.02 974.14
Three months overdue 5.69 - 5.69
1,073.69 16.67 1,057.02
(iii) The Company considers its maximum exposure to credit risk with respect to customers as at March 31, 2017 to be `2,006.52 crore
(March 31, 2016: `1,133.17 crore; April 1, 2015: `1,057.02 crore), which is the fair value of trade receivables (after allowance for credit
losses).
The Companys exposure to customers is diversified and no single customer contributes more than 10% of the outstanding receivables
as at March 31, 2017, March 31, 2016 and April 1, 2015.
(iv) There are no outstanding debts due from directors or other officers of the Company.

14. CASH AND CASH EQUIVALENTS

[Item No. II(b)(iii), Page 172]
(` crore)
As at As at As at
(a) Cash in hand 0.44 0.41 0.46
(b) Cheques, drafts on hand 19.19 24.53 42.21
(c) Remittances-in-transit 52.55 0.27 0.13
(d) Unrestricted balances with banks 833.03 949.47 452.36
905.21 974.68 495.16
(i) The cash and bank balances are denominated and held in Indian rupees.
15. OTHER BALANCES WITH BANK

[Item No. II(b)(iv), Page 172]
(` crore)
As at As at As at
(a) Earmarked balances with banks 65.10 61.45 56.66
(i) Earmarked balances with bank represents balances held for unpaid dividends and margin money against issue of bank guarantees.
(ii) In accordance with the MCA notification G.S.R. 308(E) dated March 30, 2017, details of Specified Bank Notes (SBN) and Other
Denomination Notes (ODN) held and transacted during the period from November 8, 2016 to December 30, 2016, is as below:
(` )
SBNs ODNs Total
Closing cash in hand as on November 8, 2016 35,40,500 6,72,235 42,12,735
Add: Unpermitted receipts 1,15,20,000 - 1,15,20,000
Add: Permitted receipts - 6,16,97,156 6,16,97,156
Less: Unpermitted payments 70,000 - 70,000
Less: Permitted payments - 67,28,665 67,28,665
Less: Amounts deposited in Banks 1,49,90,500 5,26,06,715 6,75,97,215
Closing cash in hand as on December 30, 2016 - 30,34,011 30,34,011
(a) Unpermitted receipts include:
1. Company hospital receipts `1,06,21,500 which includes receipts at Tata Main Hospital, Jamshedpur of `1,04,34,000. Since Tata
Main Hospital is the only hospital equipped with modern facilities and super-speciality services in the region, on advice from the
district administration, specified notes were accepted.
2. Refund of advances by employees & internal departments `74,500.
3. Canteen receipts of `5,90,500 are primarily received from Contractors employees.
4. Refund of advance by Steel Welfare Workers Society `2,33,500.
(b) Unpermitted payments represents amount collected by Companys employees and exchanged for new notes against their individual
Permanent Account Number.
(iii) The earmarked bank balances are denominated and held in Indian rupees.

STANDALONE
16. EQUITY SHARE CAPITAL

[Item No. III(a), Page 172]
(` crore)
As at As at As at
Authorised:
1,75,00,00,000 Ordinary Shares of `10 each 1,750.00 1,750.00 1,750.00
(March 31, 2016: 1,75,00,00,000 Ordinary Shares of
`10 each)
(April 1, 2015: 1,75,00,00,000 Ordinary Shares of `10 each)
35,00,00,000 "A" Ordinary Shares of `10 each 350.00 350.00 350.00
(March 31, 2016: 35,00,00,000 "A" Ordinary Shares of
`10 each)
(April 1, 2015: 35,00,00,000 A Ordinary Shares of
`10 each)
2,50,00,000 Cumulative Redeemable Preference Shares of `100 each 250.00 250.00 250.00
(March 31, 2016: 2,50,00,000 Shares of `100 each)
(April 1, 2015: 2,50,00,000 Shares of `100 each)
60,00,00,000 Cumulative Convertible Preference Shares of `100 each 6,000.00 6,000.00 6,000.00
8,350.00 8,350.00 8,350.00
Issued:
97,21,26,020 Ordinary Shares of `10 each 972.13 972.13 972.13
(March 31, 2016: 97,21,26,020 Ordinary Shares of
`10 each)
(April 1, 2015: 97,21,26,020 Ordinary Shares of `10 each)
Subscribed and Paid up:
97,12,15,439 Ordinary Shares of `10 each fully paid up 971.21 971.21 971.21
(March 31, 2016: 97,12,15,439 Ordinary Shares of
`10 each)
Amount paid up on 3,89,516 Ordinary Shares forfeited 0.20 0.20 0.20
(March 31, 2016: 3,89,516 Shares of `10 each)
(April 1, 2015: 3,89,516 Shares of `10 each)
971.41 971.41 971.41
(i) S ubscribed and paid up capital excludes 11,68,393 Ordinary shares (March 31, 2016: 11,68,393 shares and April 1, 2015: Nil) were held
by a wholly owned subsidiary.
(ii) The movement in subscribed and paid up share capital is as below:
(` crore)
As at As at
March 31, 2017 March 31, 2016
No. of shares ` crore No. of shares ` crore
Ordinary shares of `10 each
Balance at the beginning of the year 97,12,15,439 971.21 97,12,15,439 971.21
Balance at the end of the year 97,12,15,439 971.21 97,12,15,439 971.21

16. EQUITY SHARE CAPITAL (CONTD.)

(iii) As at March 31, 2017: 3,01,183 Ordinary Shares (March 31, 2016: 3,01,183 Ordinary Shares; April 1, 2015: 3,01,183 Ordinary Shares) are
kept in abeyance in respect of rights issue of 2007.
(iv) Details of shareholders holding more than 5 percent shares in the Company is as below:
(` crore)
As at As at As at
No. of ordinary % No. of ordinary % No. of ordinary %
shares shares shares
(a) Tata Sons Limited 28,88,98,245 29.75 28,88,98,245 29.75 28,88,98,245 29.75
(b) Life Insurance Corporation of India 12,20,50,996 12.57 14,17,39,415 14.59 14,17,39,185 14.59
1,55,10,420 shares (March 31, 2016: 2,25,14,584 shares; April

(v) in the case where a resolution is put to vote in the
1, 2015: 1,79,07,847 shares) of face value of `10 per share meeting and is to be decided on a show of hands,
represent the shares underlying GDRs which were issued the holders of A Ordinary Shares shall be entitled to
during 1994 and 2009. Each GDR represents one underlying the same number of votes as available to holders of
Ordinary share. Ordinary Shares.
(vi) The rights, powers and preferences relating to each class (ii) The holders of Ordinary Shares and the holders of A Ordinary
of share capital and the qualifications, limitations and Shares shall vote as a single class with respect to all matters
restrictions thereof are contained in the Memorandum and submitted for voting by shareholders of the Company and
Articles of Association of the Company. The principal rights shall exercise such votes in proportion to the voting rights
are as below: attached to such shares including in relation to any scheme
under Sections 391 to 394 of the Companies Act, 1956.
A. Ordinary Shares of `10 each
(b) The holders of A Ordinary Shares shall be entitled to dividend
(a) In respect of every Ordinary Share (whether fully paid or on each A Ordinary Share which may be equal to or higher
partly paid), voting right shall be in the same proportion as than the amount per Ordinary Share declared by the Board
the capital paid up on such Ordinary Share bears to the total for each Ordinary Share, and as may be specified at the time
paid up Ordinary Capital of the Company. of the issue. Different series of A Ordinary Shares may carry
different entitlements to dividend to the extent permitted
(b) The dividend proposed by the Board of Directors is subject
under applicable law and as prescribed under the terms
to the approval of the shareholders in the ensuing Annual
applicable to such issue.
General Meeting, except in case of interim dividend.
(c) In the event of liquidation, the shareholders of Ordinary C. Preference Shares
Shares are eligible to receive the remaining assets of the
The Company has two classes of preference shares i.e.
Company after distribution of all preferential amounts, in
Cumulative Redeemable Preference Shares (CRPS) of `100
proportion to their shareholding.
per share and Cumulative Convertible Preference Shares
(CCPS) of `100 per share.
B. A Ordinary Shares of `10 each
(a) Such shares shall confer on the holders thereof, the right to
(a) (i) The holders of A Ordinary Shares shall be entitled to such
a fixed preferential dividend from the date of allotment, at
rights of voting and/or dividend and such other rights as per
a rate as may be determined by the Board at the time of the
the terms of the issue of such shares, provided always that:
issue, on the capital for the time being paid up or credited as
in the case where a resolution is put to vote on a paid up thereon.
poll, such differential voting entitlement (excluding
(b) Such shares shall rank for capital and dividend (including all
fractions, if any) will be applicable to holders of A
dividend undeclared upto the commencement of winding
Ordinary Shares.

STANDALONE

up) and for repayment of capital in a winding up, pari passu not confer on the holders thereof the right to vote at
inter se and in priority to the Ordinary Shares of the Company, any meetings of the Company save to the extent and in
but shall not confer any further or other right to participate the manner provided in the Companies Act, 1956, or any
either in profits or assets. However, in case of CCPS, such re-enactment thereof.
preferential rights shall automatically cease on conversion of
(d) CCPS shall be converted into Ordinary Shares as per the
these shares into Ordinary Shares.
terms, determined by the Board at the time of issue; as and
(c) The holders of such shares shall have the right to receive when converted, such Ordinary Shares shall rank pari passu
all notices of general meetings of the Company but shall with the then existing Ordinary Shares of the Company in all
respects.
17. HYBRID PERPETUAL SECURITIES
[Item No. III(b), Page 172]
The detail of movement in Hybrid Perpetual Securities is as below:

(` crore)
As at As at As at
Balance at the beginning of the year 2,275.00 2,275.00 2,275.00
Balance at the end of the year 2,275.00 2,275.00 2,275.00
T he Company had issued Hybrid Perpetual Securities of `775.00 crore and `1,500.00 crore in May 2011 and March 2011 respectively. These
securities are perpetual in nature with no maturity or redemption and are callable only at the option of the Company. The distribution
on these securities are 11.50% p.a. and 11.80% p.a. respectively, with a step up provision if the securities are not called after 10 years.
The distribution on the securities may be deferred at the option of the Company if in the six months preceding the relevant distribution
payment date, the Company has not made payment on, or repurchased or redeemed, any securities ranking pari passu with, or junior to
the instrument. As these securities are perpetual in nature and the Company does not have any redemption obligation, these have been
classified as equity.
18. OTHER EQUITY

[Item No. III(c), Page 172]
A. OTHER COMPREHENSIVE INCOME RESERVES
(a) Cash flow hedge reserve

The cumulative effective portion of gain or losses arising on changes in the fair value of hedging instruments designated as cash flow
hedges are recognised in cash flow hedge reserve. Such changes recognised are reclassified to the consolidated statement of profit and
loss when the hedged item affects the profit or loss or are included as an adjustment to the cost of the related non-financial hedged item.
The Company has designated certain foreign currency contracts and interest rate collars as cash flow hedges in respect of foreign exchange
and interest rate risks.
The detail of movement in Cash flow hedge reserve are as below:
(` crore)
As at As at
March 31, 2017 March 31, 2016
Balance at the beginning of the year (0.55) (1.73)
Other comprehensive income recognised during the year (0.80) 1.18
Transfers within equity - -
Balance at the end of the year (1.35) (0.55)

18. OTHER EQUITY (CONTD.)

The detail of Other Comprehensive income recognised is as below:

(` crore)
March 31, 2017 March 31, 2016
Fair value changes recognised during the year (7.63) (4.87)
Fair value changes reclassified to the statement of profit and loss/cost of underlying items 6.41 6.67
Tax impact on above (net) 0.42 (0.62)
(0.80) 1.18
uring the year, ineffective portion of cash flow hedges recognised in the statement of profit and loss amounted to Nil (2015-16: `0.05
D
crore)
The amount recognised in the cash flow hedge reserve is expected to impact the statement of profit and loss within the next one year.
(b) Investment revaluation reserve

The cumulative gains and losses arising on fair value changes of equity investments measured at fair value through other comprehensive
income are recognised in investment revaluation reserve. The balance of the reserve represents such changes recognised net of amounts
reclassified to retained earnings on disposal of such investments.
The details of movement in investment revaluation reserve are as below:

(` crore)
As at As at
March 31, 2017 March 31, 2016
Balance at the beginning of the year 2,936.92 9,713.10
Other comprehensive income recognised during the year 819.01 (3,405.03)
Transfers within equity (1.75) (3,371.15)
Balance at the end of the year 3,754.18 (2,936.92)
B. OTHER RESERVES
(a) Securities premium

S ecurities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the provisions of the
Indian Companies Act, 2013 (the Companies Act).
There is no movement in securities premium during the current and previous year.
(` crore)
As at As at
March 31, 2017 March 31, 2016
Balance at the end of the year 18,873.68 18,873.68
(b) Debenture redemption reserve

T he Companies Act requires that where a Company issues debentures, it shall create a debenture redemption reserve out of profits of the
Company available for payment of dividend. The Company is required to maintain a Debenture Redemption Reserve of 25% of the value
of debentures issued, either by a public issue or on a private placement basis. The amounts credited to the debenture redemption reserve
cannot be utilised by the Company except to redeem debentures.

STANDALONE

There is no movement in debenture redemption reserve during the current and previous year.
(` crore)
As at As at
March 31, 2017 March 31, 2016
(c) General reserve

nder the erstwhile Companies Act 1956, a general reserve was created through an annual transfer of net profit at a specified percentage
U
in accordance with applicable regulations. Consequent to the introduction of the Companies Act, the requirement to mandatory transfer a
specified percentage of net profit to general reserve has been withdrawn.
There is no movement in general reserve during the current and previous year.
(` crore)
As at As at
March 31, 2017 March 31, 2016
(d) Capital redemption reserve

The Companies Act requires that where a Company purchases its own shares out of free reserves or securities premium account, a sum
equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such
transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the Company, in paying up
unissued shares of the Company to be issued to shareholders of the Company as fully paid bonus shares. The Company established this
reserve pursuant to the redemption of preference shares issued in earlier years.
There is no movement in capital redemption reserve during the current and previous year.
(` crore)
As at As at
March 31, 2017 March 31, 2016
(e) Others
Others primarily include:
(i) the balance of foreign currency monetary item translation difference account (FCMITDA) created for recognising exchange
differences on revaluation of long term foreign currency monetary items as per the Previous GAAP. Such exchange differences
recognised are transferred to the statement of profit and loss on a systematic basis.
(ii) amounts appropriated out of profit or loss for unforeseen contingencies. Such appropriations are free in nature.
The details of movement in others are as below:
(` crore)
As at As at
March 31, 2017 March 31, 2016
Release to the statement of profit and loss - (0.12)

19. BORROWINGS
[Item No. IV(a)(i) and V(a)(i), Page 172]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Secured
(i) Loans from Joint Plant Committee - Steel Development Fund 2,420.65 2,338.91 2,232.36
(b) Unsecured
(i) Non-convertible debentures 10,175.70 9,023.03 9,298.09
(ii) Term loans from banks and financial institutions 9,959.49 11,031.95 11,164.23
(iii) Finance lease obligations 2,138.53 1,532.87 1,621.42
24,694.37 23,926.76 24,316.10
B. CURRENT
(` crore)
As at As at As at
(a) Secured
(i) Repayable on demand from banks and financial institutions 131.12 21.46 73.51
(b) Unsecured
(i) Loans from banks and financial institutions 834.19 2,631.69 746.23
(ii) Commercial papers 2,274.36 3,234.85 -
3,239.67 5,888.00 819.74
(i) As at March 31, 2017, `2,551.77 crore (March 31, 2016: The loan is repayable in 16 equal semi-annual installments
`2,360.37 crore, April 1, 2015: `2,305.87 crore) of the total after completion of four years from the date of the tranche.
outstanding borrowings were secured by a charge on
The Company has filed a writ petition before the High Court at
property, plant and equipment, inventories and receivables.
Kolkata in February 2006 claiming waiver of the outstanding
The security details of major borrowings of the Company are
loan and interest and refund of the balance lying with Steel
as below:
Development Fund and the matter is subjudice.
Loan from Joint Plant Committee-Steel Development
(a)
The loan includes funded interest `781.32 crore (March 31,
Fund
2016: `699.58 crore and April 1, 2015: `593.03 crore).
It is secured by mortgages on, all present and future
It includes `1,639.33 crore (March 31, 2016: `1,639.33 crore;
immovable properties wherever situated and hypothecation
April 1, 2015: `1,639.33 crore) representing repayments and
of movable assets, excluding land and building mortgaged in
interest on earlier loans for which applications of funding are
favour of Government of India under the deed of mortgage
awaiting sanction is not secured by charge on movable assets
dated April 13, 1967 and in favour of Government of Bihar
of the Company.
under two deeds of mortgage dated May 11, 1963, immovable
properties and movable assets of the Tube Division, Bearing (ii) The details of major unsecured borrowings taken by the
Division, Ferro Alloys Division and Cold Rolling Complex Company are given below:
(West) at Tarapur and all investments and book debts of the
(a) Non-Convertible Debentures
Company subject to the prior charges created and/or to be
created in favour of the bankers for securing borrowing for (i)
10.25% p.a. interest bearing 25,000 debentures of
the working capital requirement and charges created and/or face value `10,00,000 each are redeemable at par in 3
to be created on specific items of machinery and equipment equal annual installments commencing from January 6,
procured/to be procured under deferred payment schemes/ 2029.
bill re-discounting schemes/asset credit schemes.

STANDALONE
19. BORROWINGS (CONTD.)

(ii)
10.25% p.a. interest bearing 5,000 debentures of (iv)
Indian rupee loan amounting `2,000.00 crore
face value `10,00,000 each are redeemable at par (March 31, 2016: `2,000 crore; April 1, 2015: Nil) is
in 3 equal annual installments commencing from repayable in 10 semi-annual installments commencing
December 22, 2028. from 30th April, 2019.
(iii)
8.15% p.a. interest bearing 10,000 debentures of (v)
Indian rupee loan amounting `650.00 crore
face value `10,00,000 each are redeemable at par on (March 31, 2016: Nil; April 1, 2015: Nil) is repayable in
October 1, 2026. 20 semi-annual installments commencing from August
15, 2017.
(iv) 2.00% p.a. interest bearing 15,000 debentures of face
value `10,00,000 each are redeemable at a premium of (vi) Euro 27.02 million equivalent to `187.18 crore
85.03% of the face value on April 23, 2022. (March 31, 2016: Euro 32.42 million equivalent to
`244.69 crore; April 1, 2015: Euro 37.83 million equivalent
(v) 9.15% p.a. interest bearing 5,000 debentures of face
to `254.17 crore) loan is repayable in 10 equal
value `10,00,000 each are redeemable at par on
semi-annual installments; the next instalment is due on
January 24, 2021.
July 6, 2017.
(vi)
11.00% p.a. interest bearing 15,000 debentures of
(vii) Euro 9.39 million equivalent to `65.02 crore
face value `10,00,000 each are redeemable at par on
(March 31, 2016: Euro 14.08 million equivalent
May 19, 2019.
to `106.25 crore; April 1, 2015: Euro 18.77 million
(vii)
10.40% p.a. interest bearing 6,509 debentures of equivalent to `126.13 crore) loan is repayable in 4 equal
face value `10,00,000 each are redeemable at par on semi-annual installments; the next instalment is due on
May 15, 2019. July 3, 2017.
(viii)
9.15% p.a. interest bearing 5,000 debentures of (viii)
Indian rupee loan amounting `850.00 crore
face value `10,00,000 each are redeemable at par on (March 31, 2016: Nil; April 1, 2015: Nil) is repayable in 16
January 24, 2019. semi-annual installments commencing from June 15,
2017.
(b) Term loans from banks and financial institutions
(ix) Euro 0.97 million equivalent to `6.72 crore
(i)
Indian rupee loan amounting `4,450.00 crore
(March 31, 2016: Euro 1.94 million equivalent
(March 31, 2016: `7,000.00 crore; April 1, 2015: `7,000.00
to `14.64 crore; April 1, 2015: Euro 2.91 million
crore) is repayable in 17 quarterly installments. The next
equivalent to `19.55 crore) loan is repayable in 2 equal
instalment is due on March 31, 2021.
semi-annual installments; the next instalment is due on
(ii) USD 7.86 million equivalent to `50.98 crore May 2, 2017.
(March 31, 2016: 7.86 million equivalent to `52.08 crore)
(x) Euro 105.08 million equivalent to `727.98 crore
(April 1, 2015: Nil) is repayable on March1, 2021.
(March 31, 2016: Euro 124.19 million equivalent to `937.22
(iii) USD 200.00 million equivalent to `1,297.10 crore crore; April 1, 2015: Euro 143.29 million equivalent to
(March 31, 2016: USD 200.00 million equivalent to `962.84 crore) loan is repayable in 11 equal
`1,325.05 crore; April 1, 2015: USD 200.00 million semi-annual installments; the next instalment is due
equivalent to `1,250.00 crore) loan is repayable on April 28, 2017.
in 3 equal annual installments commencing from
(c) Commercial papers
February 18, 2020.
Commercial papers raised by the Company are short-term in
nature ranging between one to three months.


(iii) The currency and interest exposure of borrowings at the end of the reporting period are as below:
(` crore)
Fixed rate Floating rate Total Fixed rate Floating rate Total Fixed rate Floating rate Total
INR 15,535.48 10,344.92 25,880.40 14,939.19 13,294.71 28,233.90 12,796.51 11,073.13 23,869.64
EURO 588.99 375.40 964.39 752.84 511.97 1,264.81 771.01 547.05 1,318.06
USD - 1,439.84 1,439.84 - 1,344.80 1,344.80 - 3,323.58 3,323.58
Others - - - - - - 50.92 924.05 974.97
Total 16,124.47 12,160.16 28,284.63 15,692.03 15,151.48 30,843.51 13,618.44 15,867.81 29,486.25
INR-Indian rupees, USD-United states dollars.

Others primarily include borrowings in GBP-Great Britain Pound
(iv) The majority of floating rate borrowings are bank borrowings bearing interest rates based on LIBOR, EURIBOR or local official rates. Of
the total floating rate borrowings as at March 31, 2017: `972.83 crore (March 31, 2016: `2,000.00 crore; April 1, 2015: `2,093.75 crore)
has been hedged using interest rate swaps and collars, with contracts covering a period of more than one year.
(v) The maturity profile of Companys borrowings is as below:
(` crore)
As at As at As at
Not later than one year or on demand 3,916.24 7,164.45 5,441.85
Later than one year but not two years 1,142.12 862.31 2,091.52
Later than two years but not three years 3,596.29 1,345.09 1,593.06
Later than three years but not four years 2,119.20 4,144.94 1,743.31
Later than four years but not five years 2,433.35 2,753.19 4,355.36
More than five years 19,894.48 18,726.56 18,812.17
33,101.68 34,996.54 34,037.27
Less: Future finance charges on finance leases 3,958.50 3,093.55 3,338.30
Less: Capitalisation of transaction costs 858.55 1,059.48 1,212.72
28,284.63 30,843.51 29,486.25
(vi) Some of the Companys major financing arrangements include financial covenants, which require compliance to certain debt-equity
ratios and debt coverage ratios. Additionally, certain negative covenants may limit the Companys ability to borrow additional funds
or to incur additional liens, and/or provide for increased costs in case of breach.

STANDALONE
20. OTHER FINANCIAL LIABILITIES

[Item No. IV(a)(iii) and V(a)(iv), Page 172]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Creditors for other liabilities 18.22 396.51 841.89
B. CURRENT
(` crore)
As at As at As at
(a) Current maturities of long-term borrowings 237.90 928.77 4,256.16
(b) Current maturities of finance lease obligations 112.69 99.98 94.25
(c) Interest accrued but not due 545.05 459.32 587.86
(d) Unclaimed dividends 51.76 51.64 51.49
(e) Creditors for other liabilities 3,114.95 3,093.64 2,749.14
4,062.35 4,633.35 7,738.90
(i) Non-current and current creditors for other liabilities includes:
(a) Creditors for capital supplies and services amounting to `2,056.80 crore (March 31, 2016: `2,592.32 crore; April 1, 2015: `2,712.94
crore).
(b) Liability for employee family benefit scheme `115.60 crore (March 31, 2016: `108.39 crore; April 1, 2015: `95.72 crore).
21. PROVISIONS
[Item No. IV(b) and V(b), Page 172]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Employee benefits 1,749.44 1,635.74 1,252.69
(b) Others 275.30 226.31 68.30
2,024.74 1,862.05 1,320.99
B. CURRENT
(` crore)
As at As at As at
(a) Employee benefits 311.19 280.64 182.99
(b) Others 389.41 - -
700.60 280.64 182.99
(i) Non-current and current provision for employee benefits include leave salaries `1,016.95 crore (March 31, 2016: `918.81 crore;
April 1, 2015: `854.37 crore) and provision for early separation scheme `1,036.89 crore (March 31, 2016 `990.59 crore; April 1, 2015:
`573.64 crore).

21. PROVISIONS (CONTD.)

[Item No. IV(b) and V(b), Page 172]
(ii) Others include:

(a)
provision for compensatory afforestation, mine closure and rehabilitation obligations `529.13 crore (March 31, 2016:
`226.31 crore; April 1, 2015: `68.30 crore). These amounts become payable upon closure of the mines and are expected to be
incurred over a period of 1 to 35 years.
(b) provision for legal and constructive commitments provided by the Company in respect of a loss making subsidiary `135.58
crore (March 31, 2016: Nil; April 1, 2015: Nil). The same is expected to be settled in the next financial year.
(iii) The details of movement in other provisions is as below:

(` crore)
As at As at
March 31, 2017 March 31, 2016
Charged to the statement of profit and loss 135.58 -
Additions during the year 302.82 158.01
22. RETIREMENT BENEFIT OBLIGATIONS

[Item No. IV(c) and V(c), Page 172]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Retiring gratuities 217.03 160.81 561.38
(b) Post retirement medical benefits 1,170.51 1,012.69 988.11
(c) Other defined benefit obligations 96.67 78.95 73.74
1,484.21 1,252.45 1,623.23
B. CURRENT
(` crore)
As at As at As at
(a) Post retirement medical benefits 50.67 51.24 46.07
(b) Other defined benefit obligations 5.91 5.43 5.46
56.58 56.67 51.53
(i) Detailed disclosure in respect post retirement defined benefit schemes is provided in Note 35, Page 223.

STANDALONE
23. DEFERRED INCOME

[Item No. IV(d), Page 172]
(` crore)
As at As at As at
(a) Grants relating to property, plant and equipment 1,885.19 2,228.48 2,130.58
(i) Grants relating to property, plant and equipment relate to duty saved on import of capital goods and spares under the EPCG scheme.
Under such scheme, the Company is committed to export prescribed times of the duty saved on import of capital goods over a
specified period of time. In case such commitments are not met, the Company would be required to pay the duty saved along with
interest to the regulatory authorities. Such grants recognised are released to the statement of profit and loss based on fulfilment of
related export obligations.
(ii) During the year an amount of `342.90 crore (2015-2016: `Nil) was released to statement of profit and loss on fulfillment of export
obligations.
24. OTHER LIABILITIES

[Item No. IV(f ) and V(e), Page 172]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Statutory dues 55.31 64.06 -
(b) Other credit balances 22.43 12.73 19.67
77.74 76.79 19.67
B. CURRENT
(` crore)
As at As at As at
(a) Advances received from customers 380.01 265.01 229.10
(b) Employee recoveries and employer contributions 39.39 41.73 40.31
(c) Statutory dues 3,124.40 2,559.24 1,879.60
3,543.80 2,865.98 2,149.01
(i) Statutory dues primarily include payables in respect of excise duties, service tax, sales tax, VAT, tax deducted at source and royalties.
25. TRADE PAYABLES

[Item No. V(a)(ii), Page 172]
(` crore)
As at As at As at
(a) Creditors for supplies and services 9,342.83 5,125.61 4,018.63
(b) Creditors for accrued wages and salaries 1,374.61 1,071.27 917.33
10,717.44 6,196.88 4,935.96

25. TRADE PAYABLES (CONTD.)

[Item No. V(a)(ii), Page 173]
(i) The amount due to Micro and Small Enterprises as defined in the The Micro, Small and Medium Enterprises Development Act, 2006
has been determined to the extent such parties have been identified on the basis of information available with the Company. The
disclosures relating to Micro and Small Enterprises are as below:
(` crore)
Year ended Year ended Year ended
(i) The principal amount remaining unpaid to supplier as at the 14.28 14.90 16.51
end of the year
(ii) The interest due thereon remaining unpaid to supplier as at 0.95 0.72 0.56
the end of the year
(iii) The amount of interest due and payable for the period 4.88 4.36 4.33
of delay in making payment (which have been paid but
beyond the appointed day during the year) but without
adding the interest specified under this Act
(iv) The amount of interest accrued during the year and 5.84 5.08 4.89
remaining unpaid at the end of the year
26. REVENUE FROM OPERATIONS

[Item No. I, Page 173]
(` crore)
March 31, 2017 March 31, 2016
(a) Sale of products 51,010.53 40,689.22
(b) Sale of power and water 1,418.43 1,468.37
(c) Income from town, medical and other services 135.97 133.05
(d) Other operating income 696.03 406.80
53,260.96 42,697.44
27. OTHER INCOME

[Item No. II, Page 173]
(` crore)
March 31, 2017 March 31, 2016
(a) Dividend income 87.51 107.08
(b) Finance income 35.89 42.76
(c) Net gain/(loss) on sale of non-current investments 0.97 -
(d) Net gain/(loss) on investments carried at fair value through statement of profit and 316.63 184.16
loss
(e) Gain/(loss) on sale of capital assets (net of loss on assets sold/scrapped/written off ) (6.91) 2.12
(f ) Gain/(loss) on cancellation of forwards, swaps and options (66.95) (1.21)
(g) Other miscellaneous income 47.32 56.25
414.46 391.16
(i) Finance income includes:
(a) income on financial assets carried at amortised cost `27.39 crore (2015-2016: `42.76 crore).
(b) income on financial assets carried at fair value through profit and loss `8.50 crore (2015-2016: Nil).

STANDALONE
28. CHANGES IN STOCK OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE

[Item No. IV(c), Page 173]
(` crore)
March 31, 2017 March 31, 2016
Inventories at the end of the year
(a) Work-in-progress 5.88 18.30
(b) Finished and semi-finished goods 4,096.56 2,792.69
(c) Stock-in-trade 107.95 69.75
4,210.39 2,880.74
Inventories at the beginning of the year
(a) Work-in-progress 18.30 44.32
(b) Finished and semi-finished goods 2,792.69 2,869.82
(c) Stock-in-trade 69.75 37.35
2,880.74 2,951.49
1,329.65 (70.75)
29. EMPLOYEE BENEFIT EXPENSES

(` crore)
March 31, 2017 March 31, 2016
(a) Salaries and wages 3,934.58 3,608.28
(b) Contribution to provident and other funds 434.30 442.13
(c) Staff welfare expenses 236.25 269.48
4,605.13 4,319.89
During the year, the Company recognised an amount of `18.13 crore (2015-16: `17.94 crore ) as remuneration to key managerial personnel.
The details of such remuneration is as below:
(` crore)
March 31, 2017 March 31, 2016
(a) Short term employee benefits 17.13 17.24
(b) Post employment benefits 0.71 0.42
(c) Other long term employee benefits 0.29 0.28
18.13 17.94
30. FINANCE COSTS

(` crore)
March 31, 2017 March 31, 2016
Interest expense on:
(a) Bonds, debentures, bank borrowings and others 2,597.04 2,665.45
(b) Finance leases 312.76 252.18
2,909.80 2,917.63
Less: Interest capitalised 221.25 1,069.58
2,688.55 1,848.05
(i) Other interest expense include interest on income tax `16.22 crore (2015-16: Nil).

31. DEPRECIATION AND AMORTISATION EXPENSE

[Item No. IV(f ), Page 173]
(` crore)
March 31, 2017 March 31, 2016
(a) Depreciation on tangible assets 3,351.49 2,883.61
(b) Amortisation of intangible assets 190.06 78.67
3,541.55 2,962.28
32. OTHER EXPENSES

[Item No. IV(g), Page 173]
(` crore)
March 31, 2017 March 31, 2016
(a) Consumption of stores and spares 2,751.81 2,445.77
(b) Repairs to buildings 70.80 57.41
(c) Repairs to machinery 2,281.82 2,025.30
(d) Relining expenses 55.44 43.10
(e) Fuel oil consumed 111.17 138.07
(f ) Purchase of power 2,769.75 2,407.75
(g) Conversion charges 2,701.03 2,204.43
(h) Freight and handling charges 3,783.56 2,994.88
(i) Rent 75.60 73.53
(j) Royalty 1,145.51 938.62
(k) Rates and taxes 1,298.41 752.83
(l) Insurance charges 79.61 56.82
(m) Commission, discounts and rebates 207.14 182.78
(n) Allowance for credit losses/provision for advances 16.09 22.49
(o) Excise duty (including recovered on sales) 5,267.94 4,428.77
(p) Others 2,333.41 1,829.80
24,949.09 20,602.35
(i) Others include foreign exchange (gain)/loss of `2.16 crore (2015-16: `59.73 crore)
(ii) Details of auditors remuneration and out-of-pocket expenses are as below:
(` crore)
March 31, 2017 March 31, 2016
(a) Auditors remuneration and out-of-pocket expenses
(i) As auditors 6.30 6.53
(ii) For taxation matters 0.46 0.47
(iii) For other services 0.33 2.64
(iv) Out-of-pocket expenses 0.18 0.17
(b) Cost audit fees [Including expenses `25,084 (2015-16: `22,388), (2014-15: `25,064)] 0.12 0.12
(iii) (a) Amount required to be spent by the Company on Corporate Social Responsibility (CSR) activities during the year was `115.80
crore (2015-16 : `150.36 crore).
(b) Revenue expenditure charged to statement of profit and loss in respect of Corporate Social Responsibility (CSR) activities
undertaken during the year is `191.21 crore [`190.29 crore has been paid in cash and `0.93 crore is yet to be paid] as compared
to `195.64 crore for the year ended March 31, 2016 [`192.39 crore was paid in cash and `3.25 crore was unpaid].

STANDALONE
32. OTHER EXPENSES (CONTD.)

Capital expenditure incurred during the year in construction of capital assets under CSR projects is `2.40 crore [`1.66 crore paid
in cash and `0.74 crore is yet to be paid] as compared to `8.82 crore for the year ended March 31, 2016 [`8.49 crore was paid in
cash and `0.33 crore was unpaid].
(iv) Revenue expenditure charged to Statement of Profit and Loss in respect of research and development activities undertaken during
the year is `132.26 crore (2015-16: `116.25 crore) including depreciation of `7.87 crore (2015-16: `6.75 crore). Capital expenditure in
respect of research and development activities undertaken during the year is `12.32 crore (2015-16: `13.06 crore).
33. EXCEPTIONAL ITEMS

[Item No. VI, Page 173]
(a) Loss (net) on sale of investment in a subsidiary and an associate Nil (2015-16: 0.85 crore).
(b) Provision for dimunition in value of investments held in subsidiaries 45.42 crore (2015-16: 87.63 crore), in respect of advances
paid for repurchase of equity shares in Tata Teleservices Limited from NTT Docomo Inc 125.45 crore (2015-16: Nil). During
2015-16, the Company has recognised provision of `72.99 crore relating to advances paid for a project which the Company has
decided to discontinue.
(c) Impairment loss recognised in respect of property, plant and equipment (including capital work in progress) and intangible
assets of Nil (2015-16: 51.51 crore).
(d) Provision of 218.25 crore (2015-16: `880.05 crore) in respect of certain statutory demands and claims.
(e) Provision of 178.68 crore (2015-16: 556.25 crore) on account of employee seperation scheme.
(f ) Provision towards legal and constructive commitments provided by the Company in respect of a loss making subsidiary 135.58
crore (2015-16: Nil).
34. EARNINGS PER SHARE

[Item No. XII, Page 173]
The following table reflects the profit and shares data used in the computation of basic and diluted earnings per share.
(` crore)
March 31, 2017 March 31, 2016
(a) Profit after tax 3,444.55 955.65
Less: Distribution on Hybrid Perpetual Securities (net of tax) 174.01 174.06
Profit attributable to ordinary shareholders - for Basic and Diluted EPS 3,270.54 781.59
Nos. Nos.
(b) Weighted average number of Ordinary Shares for Basic EPS 97,12,15,439 97,12,15,439
Weighted average number of Ordinary Shares for Diluted - EPS 97,12,15,493 97,12,15,439
(c) Nominal value of Ordinary Shares (`) 10.00 10.00
(d) Basic and Diluted Earnings per Ordinary Share (`) 33.67 8.05

35. EMPLOYEE BENEFITS B. Defined benefit plans

The defined benefit plans operated by the Company are as
A. Defined contribution plans
below:
T he Company participates in a number of defined contribution
(a) Retiring gratuity
plans on behalf of relevant personnel. Any expense recognised in
relation to these schemes represents the value of contributions The Company has an obligation towards gratuity, a defined
payable during the period by the Company at rates specified by benefit retirement plan covering eligible employees. The
the rules of those plans. The only amounts included in the balance plan provides for a lump-sum payment to vested employees
sheet are those relating to the prior months contributions that at retirement, death while in employment or on termination
were not due to be paid until after the end of the reporting period. of employment of an amount equivalent to 15 to 30 days
salary payable for each completed year of service. Vesting
T he major defined contribution plans operated by the Company
occurs upon completion of five years of service. The Company
are as below:
makes annual contributions to gratuity funds established as
trusts or insurance companies. The Company accounts for the
(a) Provident fund and pension
liability for gratuity benefits payable in the future based on
In accordance with the Employees Provident Fund and an actuarial valuation.
Miscellaneous Provisions Act, 1952 and The Coal Mines
Provident Fund and Miscellaneous Provisions Act, 1948, (b) Post retirement medical benefits
eligible employees of the Company are entitled to receive
Under this unfunded scheme, employees of the Company
benefits in respect of provident fund, a defined contribution
receive medical benefits subject to certain limits on amounts
plan, in which both employees and the Company make
of benefits, periods after retirement and types of benefits,
monthly contributions at a specified percentage of the
depending on their grade and location at the time of
covered employees salary.
retirement. Employees separated from the Company under
The contributions, as specified under the law, are made an early separation scheme, on medical grounds or due to
to the provident fund set up as an irrevocable trust by the permanent disablement are also covered under the scheme.
Company, post contribution of amount specified under the The Company accounts for the liability for post-retirement
law to Employee Provident Fund Organisation on account of medical scheme based on an actuarial valuation.
employee pension scheme.
(c) Other defined benefits
(b) Superannuation fund

Other benefits provided under unfunded schemes include
The Company has a superannuation plan for the benefit pension payable to directors of the Company on their
of its employees. Employees who are members of the retirement, farewell gifts and reimbursement of packing and
defined benefit superannuation plan are entitled to benefits transportation charges to the employees based on their last
depending on the years of service and salary drawn. drawn salary.
Separate irrevocable trusts are maintained for employees The defined benefit plans expose the Company to a number of
covered and entitled to benefits. The Company contributes actuarial risks as below:
up to 15% of the eligible employees salary or `1,00,000,
(a) Investment risk: The present value of the defined benefit
whichever is lower, to the trust every year. Such contributions
plan liability is calculated using a discount rate determined
are recognised as an expense as and when incurred. The
by reference to government/high quality bond yields; if
Company does not have any further obligation beyond this
the return on plan asset is below this rate, it will create a
contribution.
plan deficit.
The total expenses recognised in the statement of profit and
(b) Interest risk: A decrease in the bond interest rate will
loss during the year on account of defined contribution plans
increase the plan liability; however, this will be partially
amounted to `310.09 crore (2016: `303.65 crore).
offset by an increase in the return on the plans debt
investments.

STANDALONE
35. EMPLOYEE BENEFITS (CONTD.)
(c) Salary risk: The present value of the defined benefit plan (d) Longevity risk: The present value of the defined benefit
liability is calculated by reference to the future salaries of plan liability is calculated by reference to the best estimate
plan participants. As such, an increase in the salary of the of the mortality of plan participants both during and after
plan participants will increase the plans liability. their employment. An increase in the life expectancy of
the plan participants will increase the plans liability.
C. Details of defined benefit obligation and plan assets:

(a) Retiring gratuity:
(i) The following table sets out the amounts recognised in the financial statements in respect of retiring gratuity plan:
(` crore)
March 31, 2017 March 31, 2016
Change in defined benefit obligations:
Obligation at the beginning of the year 2,640.22 2,572.91
Current service costs 118.00 116.71
Interest costs 192.44 187.65
Remeasurement (gains)/losses 143.44 66.21
Benefits paid (314.15) (303.26)
Obligation at the end of the year 2,779.95 2,640.22
(` crore)
March 31, 2017 March 31, 2016
Change in plan assets:
Fair value of plan assets at the beginning of the year 2,479.53 2,011.53
Interest income 186.23 165.91
Remeasurement gains/(losses) 50.31 43.71
Employers' contributions 161.00 561.64
Benefits paid (314.15) (303.26)
Fair value of plan assets at the end of the year 2,562.92 2,479.53
Amounts recognised in the balance sheet consists of:

(` crore)
As at As at As at
Fair value of plan assets at beginning/end of the year 2,562.92 2,479.53 2,011.53
Present value of obligation at the beginning/end of the year (2,779.95) (2,640.22) (2,572.91)
(217.03) (160.69) (561.38)
Recognised as:
Retirement benefit liability - Non-current (217.03) (160.69) (561.38)


Expenses recognised in the statement of profit and loss consists of:
(` crore)
March 31, 2017 March 31, 2016
Employee benefits expenses:
Net interest expenses 6.21 21.74
124.21 138.45
Other comprehensive income:

(Gain)/loss on plan assets (50.31) (43.71)
Actuarial (gain)/loss arising from changes in financial assumption 149.26 -
Actuarial (gain)/loss arising from changes in experience adjustments (5.82) 66.21
93.13 22.50
Expenses recognised in the statement of profit and loss 217.34 160.95
(ii) The fair value of plan assets as at March 31, 2017, March 31, 2016 and April 1, 2015 by category are as below:
(%)
As at As at As at
Assets category (%)
Equity instruments (quoted) 0.21 - -
Debt instruments (quoted) 28.91 30.73 39.10
Insurance products (unquoted) 70.88 69.27 60.90
100.00 100.00 100.00
The Companys policy is driven by considerations of maximising returns while ensuring credit quality of debt instruments. The asset
allocation for plan assets is determined based on investment criteria prescribed under the Indian Income Tax Act, 1961, and is also subject
to other exposure limitations. The Company evaluates the risks, transaction costs and liquidity for potential investments. To measure plan
asset performance, the Company compares actual returns for each asset category with published benchmarks.
(iii) The key assumptions used in accounting for retiring gratuity is as below:
(%)
As at As at As at
Discount rate 7.00 7.75 7.75
Rate of escalation in salary 7.50 to 10.00 7.50 to 10.00 7.50 to 10.00
(iv) The weighted average duration of the obligations as at March 31, 2017 is 9 years (March 31, 2016: 10 Years; April 1, 2015: 10 Years).
(v) The Company expects to contribute `217.03 crore to the plan during financial year 2017-18.
(vi) The table below outlines the effect on obligation in the event of a decrease/increase of 1% in the assumptions used.

STANDALONE

at March 31, 2017
As
Assumption Change in assumption Impact on scheme liabilities
Discount rate Increase by 1%, decrease by 1% Decrease by `195.55 crore, increase by `226.58 crore
Salary rate Increase by 1%, decrease by 1% Increase by `221.51 crore, decrease by `195.14 crore

Discount rate Increase by 1%, decrease by 1% Decrease by `179.73 crore, increase by `192.91crore
As at April 1, 2015
The above sensitivities may not be representative of the actual change as it is unlikely that the change in assumptions would occur in
isolation of one another as some of the assumptions may be correlated.
(b) Post retirement medical benefits and other defined benefits:
(i) The following table sets out the amounts recognised in the financial statements in respect of post retirement medical benefits and
other defined benefit plans.
(` crore)
April- March 2017 April- March 2016
Medical Others Medical Others
Change in defined benefit obligation:
Obligation as at the beginning of the year 1,063.93 84.38 1034.18 79.20
Current service cost 19.04 5.77 17.27 5.44
Interest cost 80.34 6.30 78.24 5.93
Remeasurement (gains)/losses
(i) Actuarial gains and losses arising from changes in financial 126.17 7.84 - -
assumptions
(ii) Actuarial gains and losses arising from changes in experience (13.69) 4.34 (16.51) (0.98)
adjustments
Benefits paid (54.61) (6.05) (49.25) (5.21)
Obligation as at the end of the year 1,221.18 102.58 1063.93 84.38
Amount recognised in balance sheet consists of:

(` crore)
Medical Others Medical Others Medical Others
Present value of obligation as at the beginning/end of the year (1,221.18) (102.58) (1,063.93) (84.38) (1,034.18) (79.20)
Recognised as:
Retirement benefit liability - Current (50.67) (5.91) (51.24) (5.43) (46.07) (5.46)
Retirement benefit liability - Non-current (1,170.51) (96.67) (1,012.69) (78.95) (988.11) (73.74)


Expenses recognised in the statement of profit and loss consists of:
(` crore)
April- March 2017 April- March 2016
Current service costs 19.04 5.77 17.27 5.44
Net interest expenses 80.34 6.30 78.24 5.94
99.38 12.07 95.51 11.38
Actuarial (gain)/loss arising from changes in financial assumption 126.17 7.84 - -
Actuarial (gain)/loss arising from changes in experience adjustments (13.69) 4.34 (16.51) (0.98)
112.48 12.18 (16.51) (0.98)
211.86 24.25 79.00 10.40
(ii) The key assumptions used in accounting for the post-retirement medical benefits and other employee benefit plans are as below:

Discount rate (per annum) 7.00% 7.00% 7.75% 7.75% 7.75% 7.75%
Rate of escalation in salary (per annum) N.A. 10.00% - N.A. 10.00% - N.A. 10.00% -
15.00% 15.00% 15.00%
Inflation rate (per annum) 8.00% 4.00% 8.00% 4.00% 8.00% 4.00%
(iii) The weighted average duration of post-retirement medical benefit obligations as at March 31, 2017 is 9 years (March 31, 2016: 10
Years; April 1, 2015: 10 Years)
The weighted average duration of other defined benefit obligations as at March 31, 2017 ranges from 9 to 12 years (March 31, 2016:
10 Years; April 1, 2015: 10 Years)
(iv) The table below outlines the effect on post retirement medical benefit obligation in the event of a decrease/increase of 1 % in the
assumptions used:

Medical cost inflation rate Increase by 1%, decrease by 1% Increase by `200.37 crore, decrease by `159.56 crore

As at April 1, 2015
The table below outlines the effect on other defined benefit obligations in the event of a decrease/increase of 1 % in the assumptions used.

STANDALONE

Rate of escalation in salary Increase by 1%, decrease by 1% Increase by `6.50 crore, decrease by `5.66 crore
Inflation rate Increase by 1%, decrease by 1% Increase by `5.00 crore, decrease by `4.42 crore

As at April 1, 2015
36. CONTINGENCIES AND COMMITMENTS Income Tax

The Company has ongoing disputes with income tax authorities
A. CONTINGENCIES
relating to tax treatment of certain items. These mainly include
In the ordinary course of business, the Company faces claims and disallowance of expenses, tax treatment of certain expenses
assertions by various parties. The Company assesses such claims claimed by the Company as deductions and the computation
and assertions and monitors the legal environment on an on- of, or eligibility of the Companys use of certain tax incentives or
going basis with the assistance of external legal counsel, wherever allowances.
necessary. The Company records a liability for any claims where
Most of these disputes and/or dis-allowances, being repetitive in
a potential loss is probable and capable of being estimated and
nature, have been raised by the income tax authorities consistently
discloses such matters in its financial statements, if material. For
in most of the years.
potential losses that are considered possible, but not probable,
the Company provides disclosure in the financial statements but As at March 31, 2017, there are matters and/or disputes pending in
does not record a liability in its accounts unless the loss becomes appeal amounting to `1,417.54 crore (March 31, 2016: `1,312.63
probable. crore; April 1, 2015: `1,016.12 crore).
The following is a description of claims and assertions where a The details of demands for more than `100 crore is as below:
potential loss is possible, but not probable. The Company believes
I nterest expenditure on loans taken by the Company for
that none of the contingencies described below would have a
acquisition of a subsidiary has been disallowed in assessments
material adverse effect on the Companys financial condition,
with tax demand raised for `1,217.79 crore (inclusive of interest)
results of operations or cash flows.
(March 31, 2016: `1,124.48 crore; April 1, 2015: `870.36 crore).
The Company has deposited `515.00 crore (March 31, 2016:
Litigations
`415 crore; April 1, 2015: `340.00 crore) as part payment as a
The Company is involved in legal proceedings, both as plaintiff precondition to obtain stay of demand. The Company expects to
and as defendant. There are claims which the Company does not sustain its position on ultimate resolution of the appeals.
believe to be of material nature, other than those described below.

36. CONTINGENCIES AND COMMITMENTS (CONTD.)

Customs, Excise Duty and Service Tax protest, royalty on processed coal from November 2008. The
demand of the state mining authority was confirmed by the
As at March 31, 2017, there were pending litigations for various
High Court vide its judgement dated March 12, 2014. The
matters relating to customs, excise duty and service taxes involving
Court concluded that the State cannot claim interest till the
demands of `482.72 crore (March 31, 2016: `483.86 crore; April 1,
Honble Supreme Court decides the pending Special Leave
2015: `465.04 crore).
Petitions (SLP) filed by State and Company in the year 2004.
Sales Tax /VAT In the appeals filed by the Company in respect of the issues
related to coal royalty, the Honble Supreme Court has
The total sales tax demands that are being contested by the
pronounced the judgement on March 17, 2015 in which it
Company amounted to `349.58 crore (March 31, 2016: `567.88
has interpreted Section 9 and approved the law that removal
crore; April 1, 2015: `432.33 crore).
of coal from the seam in the mine and extracting it through
the pithead to the surface satisfies the requirement of
Other Taxes, Dues and Claims
Section 9 (charging section) of the MMDR Act in order to give
Other amounts for which the Company may contingently be liable rise to a liability for royalty. In regard to the interpretation
aggregate to `8,571.00 crore (March 31, 2016: `6,979.48 crore; of Rules 64B and 64C of MC Rules, the Supreme Court has
April 1, 2015: `6,143.31 crore). clarified that the constitutional validity or the vires of the
Rules has not been adjudicated upon. Therefore it is open
The details of demands for more than `100 crore are as below:
to the Company either to revive the appeals limited to this
(a) Claim by a party arising out of conversion arrangement- question or to separately challenge the constitutionality and
`195.82 crore (March 31, 2016: `195.82 crore; April 1, 2015: vires of these Rules. Accordingly, the Company has filed writ
`195.82 crore). The Company has not acknowledged this petitions challenging the constitutionality and vires of Rules
claim and has instead filed a claim of `139.65 crore (March 64B and 64C of MC Rules on May 19, 2015 at Honble High
31, 2016: `139.65 crore; April 1, 2015: `139.65 crore) on the Court of Jharkhand. Vide its judgement dated June 26, 2015,
party. The matter is pending before the Calcutta High Court. High Court has held that, the writ petitions are maintainable.
It is also pertinent to mention that the Union of India in its
(b) The State Government of Odisha introduced Orissa Rural
counter affidavit has stated that the provisions of Rules 64B
Infrastructure and Socio Economic Development Act, 2004
and 64C may not be applicable to the mineral coal.
with effect from February 2005 levying tax on mineral bearing
land computed on the basis of value of minerals produced All demands are solely based on application of Rules 64B
from the mineral bearing land. The Company had filed a Writ and 64C. In view of (i) the clear interpretation of charging
Petition in the High Court of Orissa challenging the validity of Section 9 by Supreme Court by three judges Bench following
the Act. Orissa High Court held in November 2005 that State two earlier three Judge Bench orders (ii) the affidavit of
does not have authority to levy tax on minerals. The State Union of India and (iii) the liberty given by Supreme Court,
Government of Odisha moved to the Supreme Court against the Company is of the opinion that any related present/
the order of Orissa High Court and the case is pending with probable demands are not payable. Out of the principal
Supreme Court. The potential liability, as at March 31, 2017 demand of `190.25 crore, an amount of `163.80 crore has
would be approximately `5,880.83 crore (March 31, 2016: been paid till FY 2015 and balance has been provided for.
`5,501.98 crore; April 1, 2015: `4,805.18 crore). As the Honble High Court of Jharkhand refused to grant
stay on demand raised in case of West Bokaro division, the
(c) For the purpose of payment of royalty, there are two salient
Company started providing for differential royalty in the
provisions viz; Section 9 in Mines and Minerals (Development
books. Interest amount of `1,043.79 crore (March 31, 2016:
and Regulation) Act (MMDR) 1957, related to the incidence of
`324.06 crore; April 1, 2015: `318.45 crore) being interest
royalty and Rules 64B and 64C of Mineral Concession Rules
raised on all the demands, which are disputed in several
(MC Rules), 1960. The Company has been paying royalty on
cases has been considered as a contingent liability. The
coal extracted from its coal mines pursuant to the judgement
interest demand has been raised after several years for the
and order dated July 23, 2002 passed by the Jharkhand High
entire past period and is being contested. `12.92 crore, being
Court. However, the State Government demanded royalty
interest on District Mineral Fund (DMF) and National Mineral
at rates applicable to processed coal. Though the Company
Foundation Trust contribution on differential royalty is also
contested the above demand, it started paying, under
considered as a contingent liability.

STANDALONE
(d) The Company pays royalty on ore on the basis of quantity of the Registrar of the Delhi High Court and has given an
removed from the leased area at the rates based on undertaking not to sell or otherwise dispose of the said
notification by the Ministry of Mines, Government of India property.
and the price published by India Bureau of Mines (IBM) on a
(d) T he Promoters of Tata BlueScope Steel Limited (TBSL) (i.e.
monthly basis.
BlueScope Steel Asia Holdings Pty Limited, Australia and Tata
A demand of `411.08 crore has been raised by Deputy Steel Limited) have given an undertaking to IDBI Trusteeship
Director of Mines, Joda, claiming royalty at sized ore Services Ltd., Debenture Trustees, and State Bank of India
rates on despatches of ore fines. The Company has filed a not to reduce collective shareholding in TBSL, below 51%
revision petition on November 14, 2013 before the Mines without prior consent of the Lender. Further, The Company
Tribunal, Government of India, Ministry of Mines, New has given an undertaking to State Bank of India to intimate
Delhi, challenging the legality and validity of the demand them before diluting its shareholding in TBSL below 50%.
raised and also to grant refund of royalty excess paid by the
(e)
The Company, as a promoter, has pledged 4,41,55,800
Company. Mines tribunal vide its order dated November 13,
equity shares of Industrial Energy Limited with Infrastructure
2014 has stayed the demand of royalty on iron ore for Joda
Development Finance Corporation Limited.
east of `314.28 crore upto the period ending March 31, 2014.
For the demand of `96.80 crore for April, 2014 to September, (f) T he Company along with TS Alloys Limited (Promoters) has
2014, a separate revision application was filed before Mines given an undertaking to Power Finance Corporation Limited
Tribunal. The matter was heard by Mines Tribunal on July (PFC) and Rural Electrification Corporation Limited (REC)
14, 2015 and stay was granted on the total demand with (Lenders) not to dispose off/transfer their equity holding
directive to Government of Odisha not to take any coercive of 26% of total equity in Bhubaneshwar Power Private
action for realisation of this demanded amount. Likely Limited (BPPL) till the repayment of entire loan by BPPL
demand of royalty on fines at sized ore rates as on March 31, to the lenders without prior written approval of lenders.
2017: `847.96 crore (March 31, 2016: `411.08 crore: April 1, Such shareholding of promoters may be transferred to the
2015: `411.08 crore. Company or its affiliates subject to compliance of applicable
laws. The Company along with TS Alloys Limited has pledged
B. COMMITMENTS 60% of their equity contribution in BPPL to PFC, PFC being
the security agent.
(a)
The Company has entered into various contracts with
suppliers and contractors for the acquisition of plant and (g) The Company has agreed, if requested by Tata Steel UK
machinery, equipment and various civil contracts of a capital Holdings Limited (TSUKH) (an indirect wholly owned
nature amounting to `3,825.85 crore, (2016: `5416.16 crore, subsidiary), to procure an injection of funds to reduce the
2015: `6,466.63 crore). outstanding net debt in TSUKH and its subsidiaries, to a
mutually accepted level.
Other commitments as at March 31, 2017 amounts to `0.01
crore (March 31, 2016: `0.01 crore, March 15: `0.01 crore). (h)
The Company has given guarantees aggregating
`11,344.47 crore (2016: `11,741.71 crore, 2015: `13,761.45
(b) The Company has given undertakings to: (a) IDBI not to
crore) details of which are as below:
dispose of its investment in Wellman Incandescent India Ltd.,
(b) IDBI and ICICI Bank Ltd. (formerly ICICI) not to dispose of in favour of Timken India Limited for Nil, (March
(i)
its investment in Standard Chrome Ltd., (c) Mizuho Corporate 31, 2016: `80.00 crore; April 1, 2015: `80.00 crore)
Bank Limited and Japan Bank for International Co-operation, against renewal of lease of land pending with State
not to dispose of its investments in Tata NYK Shipping Pte Government and `1.07 crore (March 31, 2016: `1.07
Limited, (to retain minimal stake required to be able to crore; April 1, 2015: `1.07 crore) on behalf of Timken
provide a corporate guarantee towards long-term debt), India Limited to Commissioner of Customs in respect of
(d) ICICI Bank Limited to directly or indirectly continue to goods imported.
hold atleast 51 % shareholding in Jamshedpur Continuous
(ii) in favour of Mizuho Corporate Bank Ltd., Japan for
Annealing & Processing Company Private Limited.
`45.38 crore (March 31, 2016: `65.04 crore; April 1,
(c) The Company has furnished a security bond in respect of 2015: `78.89 crore) against the loan granted to a joint
its immovable property to the extent of `20 crore in favour venture Tata NYK Shipping Pte. Limited.


(iii) in favour of The President of India for `177.18 crore lease deed within 3 months from the date of the intimation.
(March 31, 2016: `177.18 crore; April 1, 2015: `177.18 Liability has been provided in the books of accounts as on
crore) against performance of export obligation March 31, 2017 as per the existing provisions of the Stamp
under the various bonds executed by a joint venture Act 1899 and the Company has since paid the stamp
Jamshedpur Continuous Annealing & Processing duty and registration charges totalling `413.72 crore for
Company Private Limited. supplementary deed execution in respect of eight mines out
of the above mines.
(iv) in favour of the note holders against due and punctual
repayment of the 100% amounts outstanding as on (b) Demand notices have been raised by Deputy Director of
March 31, 2017 towards issued Guaranteed Notes Mines, Odisha amounting to `3,828 crore for the excess
by a subsidiary, ABJA Investment Co. Pte. Limited for production over the quantity permitted under the mining
`9,728.25 crore (March 31, 2016: `9,937.88 crore; April plan scheme, environment clearance or consent to operate,
1, 2015: `11,718.75 crore) and `1,392.44 crore (March during the period 2000-01 to 2009-10. The demand notices
31, 2016: `1,480.39 crore; April 1, 2015: `1,705.41 crore). have been raised under Section 21(5) of the Mines & Minerals
The guarantee is capped at an amount equal to 125% (Development and Regulations) Act (MMDR). However, the
of the outstanding principal amount of the Notes as Act specifies that demand can be raised only when the land
detailed in Terms and Conditions of the Offering is occupied without lawful authority. The Company is of the
Memorandum. view that Section 21(5) of the MMDR Act is not applicable as
the mining is done within the sanctioned mining lease area
(v) in favour of President of India for (`0.15 crore March
and accordingly the Company has filed revision petitions
31, 2016: `0.15 crore; April 1, 2015: `0.15 crore) against
before the Mines Tribunal against all such demand notices.
advance license.
Consequent to it stay has been granted by the Mines Tribunal
against the entire demand of `3,828 crore and directed the
37. OTHER SIGNIFICANT LITIGATIONS
State that no coercive action should be taken for recovery of
(a) Odisha legislative assembly issued an amendment to Indian demand.
Stamp Act on May 9, 2013 and inserted a new provision
Based on the judgement of Honble High court of Jharkhand
(Section 3a) in respect of stamp duty payable on grant/
on December 11, 2014 in the matter of the writ petition
renewal of mining leases. As per the amended provision,
filed by the Company for renewal of lease and continuation
stamp duty is levied equal to 15% of the average royalty
of operation at Noamundi iron mine, the Government of
that would accrue out of the highest annual extraction of
Jharkhand approved the renewal of lease of Noamundi Mines
minerals under the approved mining plan multiplied by the
by an express order on December 31, 2014. Express Order
period of such mining lease. The Company had filed a writ
also held mining operation carried out between January 1,
petition challenging the constitutionality of the Act on July
2012 to August 31, 2014 to be unlawful and computed an
5, 2013. The Honble High Court, Cuttack passed an order on
amount of `3,568 crore on account of such alleged unlawful
July 9, 2013 granting interim stay on the operation of the
mining.
Amendment Act, 2013. As a result of the stay, as on date,
the Act is not enforceable and any demand received by the The Mines and Minerals Development and Regulation
Company is not liable to be proceeded with. Meanwhile, the (MMDR) Amendment Ordinance 2015 promulgated on
Company received demand notices for the various mines January 12, 2015 provides for renewal of the above mines.
at Odisha totalling to `5,579 crore. On the basis of external Based on the new Ordinance, Jharkhand Government revised
legal opinion, the Company has concluded that it is remote the Express Order on February 12, 2015 for lease renewal up
that the claim will sustain on ultimate resolution of the legal to March 31, 2030 with following terms and conditions:
case by the courts.
value of iron ore produced by alleged unlawful mining
In April, 2015 the Company has received an intimation from during the period January 1, 2012 to April 20, 2014 for
Government of Odisha, granting extension of validity period `2,994.49 crore to be decided on the basis of disposal
for leases under the MMDR Amendment Act, 2015 up to of writ petition filed before Honble High Court of
March 31, 2030 in respect of eight mines and up to March 31, Jharkhand.
2020 for two mines subject to execution of supplementary

STANDALONE
37. OTHER SIGNIFICANT LITIGATIONS (CONTD.)

value of iron ore produced from April 21, 2014 to July (c) During Financial Year 2014-15, the Income Tax department
17, 2014 amounting to `421.83 crore to be paid in had reopened assessments of earlier years on account of
maximum 3 installments. excess mining and raised cumulative demand for `1,086
value of iron ore produced from July 18, 2014 to August crore. During 2015-16, the Commissioner of Income Tax
31, 2014 i.e. `152 crore to be paid immediately. (Appeals) has adjudicated the matter in favour of the
Company and quashed the entire demand on account of
The Company paid `152 crore under protest. District Mining
reopened assessments. The demand outstanding as on
Officer Chaibasa on March 16, 2015 has issued demand notice
March 31, 2017 is Nil (March 31, 2016: Nil; April 1, 2015:
for payment of `421.83 crore, payable in three monthly
`1,086 crore).
installments. The Company replied on March 20, 2015, since
the lease has been extended till March 31, 2030, the above (d)
During the current year, NTT Docomo Inc. had filed a
demand is not tenable. The Company paid `50 crore under petition with the Delhi High Court for implementation of the
protest on July 27, 2015. arbitration award (damages along with cost and interest) by
the London Court of International Arbitration. The Delhi High
A writ petition was filed before Honble High Court of
Court directed Tata Sons to deposit the damages including
Jharkhand and heard on September 9, 2015. An interim
costs and interest in an escrow account. During the year, the
order has been given by Honble High Court of Jharkhand on
Company has accordingly remitted its share of 152 crore
September 18, 2015 wherein court has directed the Company
to Tata Sons and recognised a provision of 125.44 crore
to pay outstanding amount of `371.83 crore in 3 equal
being the difference between the fair value of equity shares
installments, first instalment by October 15, 2015, second
to be repurchased and the consideration payable to NTT
instalment by November 15, 2015 and third instalment by
Docomo Inc.
December 15, 2015.
In view of the order of Honble High Court of Jharkhand `124
crore was paid on September 28, 2015, `124 crore was paid
on November 12, 2015 and `123.83 crore on December 14,
2015 under protest.

38. CAPITAL MANAGEMENT

The Companys capital management is intended to create value for shareholders by facilitating the meeting of long term and short term
goals of the Company.
The Company determines the amount of capital required on the basis of annual business plan coupled with long term and short term
strategic investment and expansion plans. The funding needs are met through equity, cash generated from operations, long term and short
term bank borrowings and issue of non-convertible debt securities.
The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio of the
Company.
Net debt includes interest bearing borrowings less cash and cash equivalents, other bank balances (including non-current earmarked
balances) and current investments.
The table below summarises the capital, net debt and net debt to equity ratio of the Company.
(` crore)
As at As at As at
Equity share capital 971.41 971.41 971.41
Hybrid Perpetual Securities 2,275.00 2,275.00 2,275.00
Other equity 48,687.60 45,665.97 49,217.90
Total Equity (A) 51,934.01 48,912.38 52,464.31
Non-current borrowings 24,694.37 23,926.76 24,316.10

Short term borrowings 3,239.67 5,888.00 819.74
Current maturities of long term borrowings and finance lease obligations 350.59 1,028.75 4,350.41
Gross Debt (B) 28,284.63 30,843.51 29,486.25
Total Capital (A+B) 80,218.64 79,755.89 81,950.56
Gross Debt as above 28,284.63 30,843.51 29,486.25

Less: Current investments (5,309.81) (4,325.00) (1,001.15)
Less: Cash and cash equivalents (905.21) (974.68) (495.16)
Less: Other balances with bank (including non-current earmarked (102.84) (96.46) (94.47)
balances)
Net Debt (C) 21,966.77 25,447.37 27,895.47
Net debt to equity 0.44 0.50 0.53

Net debt to equity as at March 31, 2017 and March 31, 2016 has been computed based on average equity and as on April 1, 2015, it is based
on closing equity.

STANDALONE
39. DISCLOSURES ON FINANCIAL INSTRUMENTS

This section gives an overview of the significance of financial instruments for the Company and provides additional information on balance
sheet items that contain financial instruments.
The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income
and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 2(m),
Page 182 to the financial statements.
(a) Financial assets and liabilities

The following tables presents the carrying value and fair value of each category of financial assets and liabilities as at March 31, 2017,
March 31, 2016 and April 1, 2015.

(` crore)
Amortised Fair Value Derivative Derivative Fair Value Total Total fair
cost through other instruments instruments through carrying value
comprehensive in hedging not in hedging statement of value
income relationship relationship profit and loss
Financial assets:
Cash and bank balances 1,008.05 - - - - 1,008.05 1,008.05
Trade receivables 2,006.52 - - - - 2,006.52 2,006.52
Investments 49.74 4,808.59 - - 5,409.81 10,268.14 10,268.14
Derivatives - - 0.16 6.22 - 6.38 6.38
Loans 239.11 - - - - 239.11 239.11
Other financial assets 356.81 - - - - 356.81 356.81
3,660.23 4,808.59 0.16 6.22 5,409.81 13,885.01 13,885.01
Financial liabilities:
Trade and other payables 10,717.44 - - - - 10,717.44 10,717.44
Borrowings 28,284.63 - - - - 28,284.63 29,538.89
Derivatives - - 2.57 446.93 - 449.50 449.50
Other financial liabilities 3,729.98 - - - - 3,729.98 3,729.98
42,732.05 - 2.57 446.93 - 43,181.55 44,435.81

(` crore)
Financial assets:
Investments 33.95 3,985.50 - - 4,425.00 8,444.45 8,444.45
Derivatives - - - 7.00 - 7.00 7.00
Loans 224.71 - - - - 224.71 224.71
2,672.63 3,985.50 - 7.00 4,425.00 11,090.13 11,090.13

39. DISCLOSURES ON FINANCIAL INSTRUMENTS (CONTD.)

(` crore)
Borrowings 30,843.51 - - - - 30,843.51 31,640.64
Derivatives - - 0.85 193.39 - 194.24 194.24
41,041.50 - 0.85 193.39 - 41,235.74 42,032.87
As at April 1, 2015
(` crore)
Financial assets:
Cash and bank balances 589.63 - - - - 589.63 589.63
Investments - 10,753.13 - - 1,101.15 11,854.28 11,854.28
Derivatives - - 0.20 654.81 - 655.01 655.01
Loans 223.87 - - - - 223.87 223.87
2,127.42 10,753.13 0.20 654.81 1,101.15 14,636.71 14,636.71
Borrowings 29,486.25 - - - - 29,486.25 30,221.71
Derivatives - - 2.99 298.15 - 301.14 301.14
38,652.59 - 2.99 298.15 - 38,953.73 39,689.19
(i)
Investments in mutual funds and derivative instruments are mandatorily classified as fair value through statement of profit and loss.
(b)
Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value,
grouped into Level 1 to Level 3, as described below:
uoted prices in an active market (Level 1): This level of hierarchy includes financial assets that are measured by reference to quoted
Q
prices (unadjusted) in active markets for identical assets or liabilities. This category consists of investment in quoted equity shares, and
mutual fund investments.
Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured using

inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or
indirectly (i.e., derived from prices). This level of hierarchy includes Companys over-the-counter (OTC) derivative contracts.

STANDALONE
aluation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities
V
measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in
part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions
in the same instrument nor are they based on available market data.
(` crore)
Level 1 Level 2 Level 3 Total
Financial assets:
Investment in mutual funds 5,309.81 - - 5,309.81
Investment in equity shares 4,422.17 - 386.42 4,808.59
Investment in preference shares - 100.00 - 100.00
Derivative financial assets - 6.38 - 6.38
9,731.98 106.38 386.42 10,224.78
Derivative financial liabilities - 449.50 - 449.50
- 449.50 - 449.50

(` crore)
Financial assets:
7,902.43 107.00 408.07 8,417.50
- 194.24 - 194.24
(` crore)
As at April 1, 2015
Financial assets:
11,276.02 755.01 478.26 12,509.29
- 301.14 - 301.14
(i) Short-term financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.
(ii) Derivatives are fair valued using market observable rates and published prices together with forecasted cash flow information where
applicable.


(iii) Investments carried at fair value are generally based on market price quotations. Costs of unquoted equity instruments has been
considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents
the best estimate of fair value within that range.
(iv) Fair value of borrowings which have a quoted market price in an active market is based on its market price which is categorised as
level 1. Fair value of borrowings which do not have an active market or are unquoted is estimated by discounting expected future cash
flows using a discount rate equivalent to the risk-free rate of return adjusted for credit spread considered by lenders for instruments
of similar maturities which is categorised as level 2 in the fair value hierarchy.
(v) Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent limitations
in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not
necessarily indicative of the amounts that the Company could have realised or paid in sale transactions as of respective dates. As such,
fair value of financial instruments subsequent to the reporting dates may be different from the amounts reported at each reporting
date.
(vi) There have been no transfers between Level 1 and Level 2 for the years ended March 31, 2017, March 31, 2016 and April 1, 2015.
(c) Derivative financial instruments

erivative instruments used by the Company include forward exchange contracts, interest rate swaps, currency swaps, options and
D
interest rate caps and collars. These financial instruments are utilised to hedge future transactions and cash flows and are subject to hedge
accounting under Ind AS 109 Financial Instruments to the extent possible. The Company does not hold or issue derivative financial
instruments for trading purpose. All transactions in derivative financial instruments are undertaken to manage risks arising from underlying
business activities.
The following table sets out the fair value of derivatives held by the Company as at the end of each reporting period.
(` crore)
Assets Liabilities Assets Liabilities Assets Liabilities
(i) Foreign currency forwards, swaps and 6.23 446.93 6.95 194.15 655.01 301.14
options
(ii) Interest rate swaps and collars 0.15 2.57 0.05 0.09 - -
6.38 449.50 7.00 194.24 655.01 301.14
Classified as:
Non-current 0.12 179.33 0.80 116.01 40.91 171.97
Current 6.26 270.17 6.20 78.23 614.10 129.17
At the end of the reporting period the total notional amount of outstanding foreign currency contracts and interest rate swaps and collars
that the Company has committed to are as below:
(USD million)
As at As at As at
March 31, 2017 March 31, 2016 April1, 2015
(i) Foreign currency forwards, swaps and options 1,337.69 735.46 1,278.74
(ii) Interest rate swaps and collars 150.00 301.87 335.00
1,487.69 1,037.33 1,613.74

STANDALONE

(d) Transfer of financial assets
T he Company transfers certain trade receivables under discounting arrangements with banks and financial institutions. Some of such
arrangements do not qualify for de-recognition due to recourse arrangement being in place. Consequently, the proceeds received from
transfer are recorded as short-term borrowings from banks and financial institutions.
The carrying value of trade receivables not de-recognised along with the associated liabilities is as below:
(` crore)
Carrying Carrying value Carrying Carrying value Carrying Carrying value
value of asset of associated value of asset of associated value of asset of associated
transferred liabilities transferred liabilities transferred liabilities
Trade receivables 651.36 651.36 512.87 512.87 551.47 551.47
(e) Financial risk management The Company, as per its risk management policy, uses foreign
exchange and other derivative instruments primarily to hedge
In the course of its business, the Company is exposed primarily
foreign exchange and interest rate exposure. Any weakening
to fluctuations in foreign currency exchange rates, interest
of the functional currency may impact the Companys cost of
rates, equity prices, liquidity and credit risk, which may
imports and cost of borrowings and consequently may increase
adversely impact the fair value of its financial instruments.
the cost of financing the Companys capital expenditures.
The Company has a risk management policy which not only
A 10% appreciation/depreciation of the foreign currencies
covers the foreign exchange risks but also other risks associated
with respect to functional currency of the Company would
with the financial assets and liabilities such as interest rate risks
result in an increase/decrease in the Companys net profit
and credit risks. The risk management policy is approved by the
before tax by approximately `9.46 crore for the year ended
Board of Directors. The risk management framework aims to:
March 31, 2017 (March 31, 2016: `24.45 crore) and increase/
(i)
create a stable business planning environment by decrease in carrying value of property, plant and equipment
reducing the impact of currency and interest rate (before considering depreciation) by approximately `185.49
fluctuations on the Companys business plan. crore as at March 31, 2017 (March 31, 2016: `215.55 crore;
April 1, 2015: `255.82 crore).
(ii) achieve greater predictability to earnings by determining
the financial value of the expected earnings in advance. The foreign exchange rate sensitivity is calculated by assuming
a simultaneous parallel foreign exchange rates shift of all the
(i) Market risk: currencies by 10% against the functional currency of the
Company.
Market risk is the risk of any loss in future earnings, in realisable
fair values or in future cash flows that may result from a change The sensitivity analysis has been based on the composition of
in the price of a financial instrument. The value of a financial the Companys financial assets and liabilities at March 31, 2017,
instrument may change as a result of changes in interest rates, March 31, 2016 and April 1, 2015 excluding trade payables,
foreign currency exchange rates, equity price fluctuations, trade receivables, other non-derivative and derivative financial
liquidity and other market changes. Future specific market instruments not forming part of debt and which do not
movements cannot be normally predicted with reasonable present a material exposure. The period end balances are not
accuracy. necessarily representative of the average debt outstanding
during the period.
(a) Market risk - Foreign currency exchange rate risk:
(b) Market risk - Interest rate risk:
The fluctuation in foreign currency exchange rates may have a
Interest rate risk is measured by using the cash flow sensitivity
potential impact on the statement of profit and loss and equity,
for changes in variable interest rates. Any movement in the
where any transaction references more than one currency or
reference rates could have an impact on the Companys cash
where assets/liabilities are denominated in a currency other
flows as well as costs.
than the functional currency of the Company.


The Company is subject to variable interest rates on some Financial instruments that are subject to credit risk and
of its interest bearing liabilities. The Companys interest rate concentration thereof principally consist of trade receivables,
exposure is mainly related to debt obligations. loans receivables, investments, cash and cash equivalents,
derivatives and financial guarantees provided by the Company.
Based on the composition of debt as at March 31, 2017 and
None of the financial instruments of the Company result in
March 31, 2016 a 100 basis points increase in interest rates
material concentration of credit risk.
would increase the Companys finance costs (before interest
capitalised) and thereby consequently reduce net profit before The carrying value of financial assets represents the maximum
tax by approximately `122.34 crore for the year ended March credit risk. The maximum exposure to credit risk was 8,913.94
31, 2017 (2015-16: `152.64 crore). crore, 6,970.27 crore, 3,761.85 crore, as at March 31, 2017,
March 31, 2016 and April 1, 2015 respectively, being the total
The risk estimates provided assume a parallel shift of 100 basis
carrying value of trade receivables, balances with bank, bank
points interest rate across all yield curves. This calculation also
deposits, investments in debt securities and other financial
assumes that the change occurs at the balance sheet date
assets.
and has been calculated based on risk exposures outstanding
as at that date. The period end balances are not necessarily The risk relating to trade receivables is presented in Note 13,
representative of the average debt outstanding during the Page 205.
period.
The Companys exposure to customers is diversified and no
(c) Market risk - Equity price risk: single customer contributes to more than 10 % of outstanding
trade receivables as at March 31, 2017, March 31, 2016 and
Equity price risk is related to change in market reference price
April 1, 2015.
of investments in equity securities held by the Company.
In respect of financial guarantees provided by the Company to
The fair value of quoted investments held by the Company
banks and financial institutions, the maximum exposure which
exposes the Company to equity price risks. In general, these
the Company is exposed to is the maximum amount which the
investments are not held for trading purposes.
Company would have to pay if the guarantee is called upon.
The fair value of quoted investments in equity, classified as fair Based on the expectation at the end of the reporting period, the
value through other comprehensive income as at March 31, Company considers that it is more likely than not that such an
2017, March 31, 2016 and April 1, 2015, was `4,422.17 crore amount will not be payable under the guarantees provided.
and `3,577.43 crore and `10,274.87 crore respectively.
(iii) Liquidity risk:
A 10% change in equity prices of such securities held as at
March 31, 2017, March 31, 2016 and April 1, 2015, would result Liquidity risk refers to the risk that the Company cannot
in an impact of `442.22 crore, `357.74 crore and `1,027.49 meet its financial obligations. The objective of liquidity risk
crore respectively on equity before considering tax impact. management is to maintain sufficient liquidity and ensure that
funds are available for use as per requirements.
(ii) Credit risk:
The Company has obtained fund and non-fund based working
Credit risk is the risk of financial loss arising from counter-party capital lines from various banks. Furthermore, the Company
failure to repay or service debt according to the contractual has access to funds from debt markets through commercial
terms or obligations. Credit risk encompasses both the direct paper programs, non-convertible debentures and other debt
risk of default and the risk of deterioration of creditworthiness instruments. The Company invests its surplus funds in bank
as well as concentration risks. fixed deposit and in mutual funds, which carry no or low
market risk.
The Company has a policy of dealing only with credit worthy
counter parties and obtaining sufficient collateral, where
appropriate as a means of mitigating the risk of financial loss from
defaults.

STANDALONE

The following table shows a maturity analysis of the anticipated cash flows including interest obligations for the Companys derivative and
non-derivative financial liabilities on an undiscounted basis, which therefore differ from both carrying value and fair value. Floating rate
interest is estimated using the prevailing interest rate at the end of the reporting period. Cash flows in foreign currencies are translated
using the period end spot rates.
(` crore)
Carrying Contractual less than between one More than
value cash flows one year to five years five years
Non-derivative financial liabilities:
Borrowings including interest obligations 28,284.63 44,333.15 4,816.98 15,921.64 23,594.53
Trade payables 10,717.44 10,717.44 10,717.44 - -
Other financial liabilities 3,729.98 3,729.98 3,711.76 5.26 12.96
42,732.05 58,780.57 19,246.18 15,926.90 23,607.49
Derivative financial liabilities 449.50 449.50 270.17 96.11 83.22
(` crore)
Trade payables 6,196.88 6,196.88 6,196.88 - -
41,041.50 57,423.28 18,066.87 16,587.55 22,768.86
(` crore)
As at April 1, 2015
Trade payables 4,935.96 4,935.96 4,935.96 - -
Other financial liabilities 4,230.38 4,230.38 3,388.49 841.89 -
38,652.59 57,358.15 15,056.73 18,501.27 23,800.15
40. SEGMENT REPORTING

The Company is engaged in the business of manufacturing steel products and is primarily operated out of India. In accordance with Ind AS
108 Operating Segments, the Company has presented segment information on the basis of consolidated financial statements which form
part of this report.

41. RELATED PARTY TRANSACTIONS

The Companys related parties principally consist of its subsidiaries, associates and joint ventures, Tata Sons Limited including its subsidiaries
and joint ventures. The Company routinely enters into transactions with these related parties in the ordinary course of business at market
rates and terms.
The following table summarises related party transactions and balances included in the financial statements of the Company for the year
ended as at March 31, 2017, March 31, 2016 and April 1, 2015:
(` crore)
Tata Sons and its

Joint
Subsidiaries Associates subsidiaries and Total
Ventures
joint ventures
Purchase of goods 8,382.81 254.56 141.22 170.91 8,949.50
4,111.28 246.29 117.27 131.15 4,605.99
Sale of goods 4,233.84 27.23 1,522.49 114.89 5,898.45

2,627.40 26.70 1,038.34 11.38 3,703.82
Services received 1,601.30 7.73 1,305.59 88.88 3,003.50

1,629.17 24.25 859.21 113.13 2,625.76
Services rendered 335.53 4.94 96.39 0.85 437.71

413.83 7.42 108.07 0.23 529.56
Interest income recognised 9.70 - - - 9.70

18.16 - 1.79 - 19.95
Interest expenses recognised - - - 16.16 16.16

- - - 19.23 19.23
Dividend paid 0.93 - - 236.48 237.41

0.93 - - 236.61 237.54
Dividend received 46.64 1.11 39.78 0.54 88.07

41.27 0.56 22.32 40.94 105.08
Provision for receivables recognised during the year 4.98 - - - 4.98

90.77 0.03 - - 90.80
Management contracts - - - 100.00 100.00

- - - 75.00 75.00
Purchase of investments 10.96 - - - 10.96

8.15 8.15 - - 16.30
Sale of investments - - - - -
- - - 2,592.01 2,592.01
Finance provided during the year 470.78 - - - 470.78

126.59 0.91 46.78 - 174.28

STANDALONE
41. RELATED PARTY TRANSACTIONS (CONTD.)

(` crore)
Tata Sons and its

Joint
Subsidiaries Associates subsidiaries and Total
Ventures
joint ventures
Outstanding loans and receivables 1,138.30 26.68 46.38 80.38 1,291.74
1,037.69 9.46 22.68 36.03 1,105.86
933.75 20.51 94.56 32.65 1,081.47
Provision for outstanding loans and receivables 636.98 0.03 - - 637.01

796.62 0.03 - - 796.65
707.83 - - - 707.83
Outstanding payables 5,520.66 28.44 388.39 162.88 6,100.37

1,897.36 37.41 165.86 134.08 2,234.71
1,637.11 48.32 141.92 130.29 1,957.64
Guarantees provided outstanding 11,120.69 - 222.56 - 11,343.25

11,418.27 - 242.22 - 11,660.49
13,424.16 - 256.07 - 13,680.23
(i) The details of remuneration paid to key managerial personnel is provided in Note 29, Page 220.
In addition, during the year the Company has paid dividend of `21,936.00 (2015-16: `21,936.00) to key managerial personnel and
`2,648.00 (2015-16: `2,648.00) to relatives of key managerial personnel.
(ii) During the year, the Company has contributed `471.09 crore (2015-16: `865.30 crore) to post employment benefit plans.
(iii) Transaction with joint ventures have been disclosed at full value and not at their proportionate share.
42. ADOPTION OF INDIAN ACCOUNTING (ii) Classification and measurement of financial assets
STANDARDS (IND AS)
The classification of financial assets to be measured at
amortised cost or fair value through other comprehensive
A. Mandatory exceptions to retrospective application
income is made on the basis of facts and circumstances that
The Company has applied the following exceptions to the existed on the date of transition to Ind AS.
retrospective application of Ind AS as mandatorily required
under Ind AS 101 First Time Adoption of Indian Accounting B. Optional exemptions from retrospective application
Standards.
Ind AS 101 First time Adoption of Indian Accounting
Standards permits Companies adopting Ind AS for the first
(i) Estimates
time to take certain exemptions from the full retrospective
On assessment of estimates made under the Previous GAAP application of Ind AS during the transition. The Company has
financial statements, the Company has concluded that there accordingly on transition to Ind AS availed the following key
is no necessity to revise such estimates under Ind AS, as there exemptions:
is no objective evidence of an error in those estimates.

42. ADOPTION OF INDIAN ACCOUNTING Accordingly, the Company has designated its investments in
STANDARDS (IND AS) (CONTD.) equity instruments at fair value through other comprehensive
income on the basis of facts and circumstances that existed
i. Fair value as deemed cost for items of property, plant at the date of transition to Ind AS.
and equipment
iv. Effect of changes in exchange rate
The Company has elected to treat fair value as deemed cost
for certain items of its property, plant and equipment. In respect of long term foreign currency monetary items
recognised in the financial statements for the period ending
The aggregate fair value of property, plant and equipment
immediately before the beginning of the first Ind AS financial
where the exemption was availed amounted to 47,580.78
reporting period, the Company has elected to recognise
crore with an aggregate adjustment of 24,345.24 crore
exchange differences on translation of such long term
being recognised to the carrying value reported under the
foreign currency monetary items in line with its Previous
Previous GAAP.
GAAP accounting policy.
ii. Fair value as deemed cost for investments in In respect of long term foreign currency monetary items
subsidiaries, associates and joint ventures recognised in the financial statements beginning with the
first Ind AS financial reporting period, exchange differences
On transition, Ind AS 101 allows an entity to treat fair value as
are recognised in the statement of profit and loss.
deemed cost for investments held in subsidiaries, associates
and joint ventures. C. Transition to Ind AS - Reconciliations
Accordingly, the Company has elected to treat fair value as The following reconciliations provide the explanation and
deemed cost for its investments held in a subsidiary. The qualification of the differences arising from the transition
fair value of such investments was considered as Nil with from Previous GAAP to Ind AS in accordance with Ind AS 101
an adjustment of 47,875.33 crore being recognised to the First Time Adoption of Indian Accounting Standards.
carrying value reported under the Previous GAAP.
(i) Reconciliation of total equity as at April 1, 2015 and
March 31, 2016.
iii. Designation of previously recognised financial
instruments (ii) Reconciliation of total comprehensive income for the
year ended March 31, 2016.
Under Ind AS 109 Financial Instruments, at initial recognition
of a financial asset, an entity may make an irrevocable election (iii) Reconciliation of statement of cash flows for the year
to present subsequent changes in fair value of an investment ended March 31, 2016.
in equity instrument in other comprehensive income.
Previous GAAP figures have been reclassified/regrouped
Ind AS 101 First time Adoption of Indian Accounting wherever necessary to confirm with the financial statements
Standards allows such designation of previously recognised prepared under Ind AS.
financial assets as fair value through other comprehensive
income on the basis of facts and circumstances that existed
at the date of transition to Ind AS.

STANDALONE
42. ADOPTION OF INDIAN ACCOUNTING STANDARDS (IND AS) (CONTD.)
(1) Reconciliation of total equity

(` crore)
As at As at
Note
March 31, 2016 April 1, 2015
Equity as per Previous GAAP 70,476.72 66,663.89
Re-measurements on transition to Ind AS
(1) Property, plant and equipment (ii) 23,293.17 24,260.63
(2) Financial Instruments (i) 3,929.62 10,791.14
(3) Re-classification of Hybrid Perpetual Securities (v) 2,275.00 2,275.00
(4) Reversal of proposed dividend and tax thereon (vii) 935.15 935.15
(5) Leases (iii) (223.07) (237.62)
(6) Government grants (vi) (231.54) (231.54)
(7) Fair valuation as deemed cost for investments in subsidiaries (iv) (47,875.33) (47,875.33)
(8) Others (x) 32.91 (18.66)
(9) Tax impact on above adjustments (ix) (3,700.25) (4,098.35)
Equity as per Ind AS 48,912.38 52,464.31
(2) Reconciliation of total comprehensive income

(` crore)
Note Year Ended
March 31, 2016
Net Profit as per Previous GAAP 4,900.95
Re-measurements on transition to Ind AS
(1) Leases (iii) 14.55
(2) Employee benefits (viii) 5.01
(3) Property, plant and equipment (ii) (967.46)
(4) Financial instruments (i) (3,698.00)
(5) Others (x) 62.72
(6) Tax impact on above adjustments (ix) 637.88
Net Profit as per Ind AS 955.65
Other comprehensive income/(loss) (xi) (3,407.13)
Total comprehensive income/(loss) as per Ind AS (2,451.48)
(3) Reconciliation of statement of cash flows

(` crore)
Amount as per Effect of transition Amount as per
Note Previous GAAP to Ind AS Ind AS
Net cash generated from/(used in) operating activities (xii), (xiii) 6,939.43 432.37 7,371.80
Net cash generated from/(used in) investing activities (4,369.30) 17.58 (4,351.72)
Net cash generated from/(used in) financing activities (xii), (xiii) (2,038.71) (501.73) (2,540.44)
Net increase/(decrease) in cash and cash equivalents 531.42 (51.78) 479.64
Cash and cash equivalents as at April 1, 2015 421.93 73.23 495.16
Effect of exchange rate on translation of foreign currency (0.12) - (0.12)
cash and cash equivalents
Cash and cash equivalents as at March 31, 2016 953.23 21.45 974.68

42. ADOPTION OF INDIAN ACCOUNTING to control the use of such assets for being in the nature of
STANDARDS (IND AS) (CONTD.) a lease.
Notes to reconciliation of total equity and total comprehensive This resulted in certain arrangements being treated as a lease
income and classified as finance lease. The impact on total equity
and profit and loss is on account of timing difference in
(i) Financial Instruments
recognition of expenses under the lease accounting model
(a)
In accordance with Ind AS 109 Financial Instruments, as compared to those recognised under the Previous GAAP.
investments in quoted equity instruments (other than
in subsidiaries, associates and joint ventures) have been (iv) Fair value as deemed cost for investments in subsidiaries
recognised at fair value at each reporting date through other
The Company has treated fair value as deemed cost for its
comprehensive income.
investment held in a subsidiary. The difference between
Consequently, on eventual sale of such investments, profit or fair value and carrying value as per Previous GAAP has
loss recognised in the statement of profit and loss under the accordingly been adjusted against reserves on transition to
Previous GAAP have been reversed as the fair value changes Ind AS.
are recognised through other comprehensive income.
(v) Re-classification of Hybrid perpetual securities
(b)
In accordance with Ind AS 109 Financial Instruments,
premium payable on redemption, discount on issue, In accordance with Ind AS 109 Financial Instruments,
transaction costs on issue of bonds and debentures are Hybrid Perpetual Securities have been re-classified as equity
required to be considered as effective finance costs and based on its substance and the fact that the Company has
recognised in the statement of profit and loss using the an unconditional right to avoid making payments on the
effective interest rate. instrument as per the contractual terms.

Consequently, premium on redemption/discounts on
(vi) Governments Grants
issue and transaction costs recognised directly in equity or
amortised using a different approach under the Previous In accordance with Ind AS 20 Government Grants, duty
GAAP has been reversed and are now recognised through the saved on import of capital goods and spares under the EPCG
statement of profit and loss using the effective interest rate. scheme has been treated as a Government grant.
(c)
In accordance with Ind AS 109 Financial Instruments, The benefit has been grossed up with the cost of the related
investments in mutual funds are recognised at fair value asset and has been recognised as a deferred income. Such
through the statement of profit and loss at each reporting deferred income is released to the statement of profit and
period. loss based on fulfilment of related export obligations. The
duty benefit grossed up to the cost of the asset is depreciated
(d) In accordance with Ind AS 109 Financial Instruments, all
based on its useful economic life or as and when the spares
derivative financial instruments are recognised at fair value
are consumed.
as at each reporting date through the statement of profit and
loss except where designated in a hedging relationship.
(vii) Reversal of proposed dividend
(ii) Property, plant and equipment In accordance with Ind AS 8 Accounting Policies, Changes in
Accounting Estimates and Errors, dividend recommended by
On transition to Ind AS, the Company has treated fair
the Board of Directors is recognised only once approved by
value as deemed cost for certain items of property, plant
the shareholders as compared to the Previous GAAP where it
and equipment resulting in an uplift in carrying value as
was considered as an adjusting event.
compared to the Previous GAAP.
The consequential impact of additional depreciation on fair (viii) Employee benefits
value uplift is recognised in the statement of profit and loss.
(a)
In accordance with Ind AS 19, Employee Benefits
re-measurement gains and losses on post employment
(iii) Leases
defined benefit plans are recognised in other comprehensive
As per Ind AS 17, Leases, the Company has assessed certain income as compared to the statement of profit and loss
long term arrangements, fulfilment of which is dependant on under the Previous GAAP.
use of specified assets and where the Company has the right

STANDALONE
42. ADOPTION OF INDIAN ACCOUNTING Notes to reconciliation of statement of cash flows

STANDARDS (IND AS) (CONTD.)
(xii) The Company transfers trade receivables under discounting
(b) Interest expense/income on the net defined benefit liability/ arrangements with banks and financial institutions. Some of the
asset is recognised in the statement of profit and loss using arrangements do not meet the de-recognition criteria due to
the discount rate used for defined benefit obligation as re-course arrangements being in place. Consequently, proceeds
compared to the expected rate used for recognising income received from such transactions are recorded as short term
from plan assets under the Previous GAAP. borrowings and trade receivables continue to be recognised
in the financial statements. Under the Previous GAAP, such
(ix) Deferred Taxes transactions were de-recognised and recorded as a sale.
In accordance with Ind AS 12, Income Taxes, the Company As a result, cash flow from operating activities under Ind AS is
on transition to Ind AS has recognised deferred tax on lower and cash flow from financing activities is higher.
temporary differences, i.e. based on balance sheet approach
(xiii) On transition to Ind AS, long term arrangements have been
as compared to the earlier approach of recognising deferred
assessed as being in the nature of a lease and classified as
taxes on timing differences , i.e. profit and loss approach.
finance leases, where applicable. Under the Previous GAAP,
The tax impacts as above primarily represent deferred tax such long term contracts were treated as a normal contract
consequences arising out of Ind AS re-measurement changes. for purchase of output. Payments made under such contracts
have therefore been re-classified as part of financing activities
(x) Other adjustments under Ind AS as compared to operating activities under the
Previous GAAP.
Other adjustments primarily relate to consequential impact
on inventory valuation due to Ind AS transition. As a result, cash flow from operating activities under Ind AS is
higher and cash flow from financing activities is lower.
(xi) Other comprehensive Income
43. DIVIDENDS
Under Ind AS, all items of income and expense recognised
during the year are included in the profit or loss for the year, The dividends declared by the Company are based on the
unless Ind AS requires or permits otherwise. Items that are not profits available for distribution as reported in the financial
recognised in profit or loss but are shown in the statement statements of the Company. On May 16, 2017, the Board
of profit and loss and other comprehensive income include of Directors of the Company have proposed a dividend of
re-measurement gains or losses on defined benefit plans, 10 per share in respect of the year ended March 31, 2017
effective portion of gains or losses on cash flow hedges and subject to the approval of shareholders at the Annual General
fair value changes of equity investments. Meeting. If approved, the dividend would result in a cash
outflow of 1,168.93 crore inclusive of a dividend distribution
The concept of other comprehensive Income did not exist
tax of 197.72 crore.
under the Previous GAAP.


(DIN: 00004989)

INDEPENDENT AUDITORS REPORT

ON CONSOLIDATED FINANCIAL STATEMENTS
TO THE MEMBERS OF TATA STEEL LIMITED to be included in the audit report under the provisions of the Act
and the Rules made thereunder.
Report on the Consolidated Ind AS Financial Statements
We conducted our audit in accordance with the Standards
We have audited the accompanying consolidated Ind AS financial on Auditing specified under Section 143(10) of the Act. Those
statements of TATA STEEL LIMITED (hereinafter referred to as Standards require that we comply with ethical requirements and
the Parent) and its subsidiaries (the Parent and its subsidiaries plan and perform the audit to obtain reasonable assurance about
together referred to as the Group) its associates and its joint whether the consolidated Ind AS financial statements are free from
ventures, comprising the Consolidated Balance Sheet as at March material misstatement.
31, 2017, the Consolidated Statement of Profit and Loss including
An audit involves performing procedures to obtain audit evidence
other comprehensive income, the Consolidated Cash Flow
about the amounts and the disclosures in the consolidated Ind
Statement, the Consolidated Statement of Changes in Equity, for
AS financial statements. The procedures selected depend on the
the year then ended, and a summary of the significant accounting
auditors judgment, including the assessment of the risks of material
policies and other explanatory information (hereinafter referred to
misstatement of the consolidated Ind AS financial statements,
as the consolidated Ind AS financial statements).
whether due to fraud or error. In making those risk assessments, the
auditor considers internal financial control relevant to the Parents
Managements Responsibility for the Consolidated Ind AS
preparation of the consolidated Ind AS financial statements that
Financial Statements
give a true and fair view in order to design audit procedures that are
The Parents Board of Directors is responsible for the preparation appropriate in the circumstances. An audit also includes evaluating
of these consolidated Ind AS financial statements in terms of the the appropriateness of the accounting policies used and the
requirements of the Companies Act, 2013 (hereinafter referred to as reasonableness of the accounting estimates made by the Parents
the Act) that give a true and fair view of the consolidated financial Board of Directors, as well as evaluating the overall presentation of
position, consolidated financial performance including other the consolidated Ind AS financial statements.
comprehensive income, consolidated cash flows and statement of
We believe that the audit evidence obtained by us and other
changes in equity of the Group including its Associates and Joint
auditors in terms of their reports referred to in sub-paragraph (a)
ventures in accordance with the accounting principles generally
of the Other Matters paragraph below, is sufficient and appropriate
accepted in India, including the Indian Accounting Standards (Ind
to provide a basis for our audit opinion on the consolidated Ind AS
AS) prescribed under Section 133 of the Act. The respective Board
of Directors of the companies included in the Group and of its
associates and joint ventures are responsible for maintenance of
Opinion
adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Group and its associates In our opinion and to the best of our information and according
and its joint ventures and for preventing and detecting frauds and to the explanations given to us and based on the consideration of
other irregularities; the selection and application of appropriate reports of the other auditors on separate financial statements of
accounting policies; making judgments and estimates that are the subsidiaries, associates and joint ventures referred to below in
reasonable and prudent; and the design, implementation and the Other Matters paragraph, the aforesaid consolidated Ind AS
maintenance of adequate internal financial controls, that were financial statements give the information required by the Act in
operating effectively for ensuring the accuracy and completeness the manner so required and give a true and fair view in conformity
of the accounting records, relevant to the preparation and with the accounting principles generally accepted in India, of
presentation of the financial statements that give a true and fair the consolidated state of affairs of the Group, its associates and
view and are free from material misstatement, whether due to joint ventures as at March 31, 2017, and their consolidated loss,
fraud or error, which have been used for the purpose of preparation consolidated total comprehensive loss, their consolidated cash
of the consolidated Ind AS financial statements by the Directors of flows and consolidated statement of changes in equity for the year
the Parent, as aforesaid. ended on that date.
Auditors Responsibility Other Matters

Our responsibility is to express an opinion on these consolidated (a) We did not audit the financial statements of eight subsidiaries,
Ind AS financial statements based on our audit. In conducting our whose financial statements reflect total assets of `60,514.49
audit, we have taken into account the provisions of the Act, the crore as at March 31, 2017, total revenues of `62,237.62 crore
accounting and auditing standards and matters which are required and net cash outflows amounting to ` 568.42 crore for the

CONSOLIDATED
year ended on that date, as considered in the consolidated Report on Other Legal and Regulatory Requirements
Ind AS financial statements. The consolidated Ind AS financial
As required by Section 143(3) of the Act, based on our audit and
statements also include the Groups share of net profit of
the other financial information of subsidiaries, associates and joint
` 24.10 crore for the year ended March 31, 2017, as considered
venture companies incorporated in India, referred in the Other
in the consolidated Ind AS financial statements, in respect
Matters paragraph above we report, to the extent applicable, that:
of an associate and two joint ventures, whose financial
statements have not been audited by us. These financial (a)
We have sought and obtained all the information and
statements have been audited by other auditors whose explanations which to the best of our knowledge and belief
reports have been furnished to us by the Management and were necessary for the purposes of our audit of the aforesaid
our opinion on the consolidated Ind AS financial statements, consolidated Ind AS financial statements.
in so far as it relates to the amounts and disclosures included
(b) In our opinion, proper books of account as required by law
in respect of these subsidiaries, joint ventures and associate,
relating to preparation of the aforesaid consolidated Ind AS
and our report in terms of sub-section (3) of Section 143 of
financial statements have been kept so far as it appears from
the Act, in so far as it relates to the aforesaid subsidiaries, joint
our examination of those books, returns and the reports of
ventures and associate is based solely on the reports of the
the other auditors.
other auditors.
(c) The Consolidated Balance Sheet, the Consolidated Statement
(b)
We did not audit the financial statements of thirteen
of Profit and Loss including Other Comprehensive Income,
subsidiaries, whose financial statements reflect total assets of
the Consolidated Cash Flow Statement and Consolidated
` 647.51 crore as at March 31, 2017, total revenues of ` 650.20
Statement of Changes in Equity dealt with by this Report are
crore and net cash inflows amounting to ` 40.74 crore for the
in agreement with the relevant books of account maintained
year ended on that date, as considered in the consolidated
for the purpose of preparation of the consolidated Ind AS
Ind AS financial statements. The consolidated Ind AS financial
statements also include the Groups share of net loss of `
10.64 crore for the year ended March 31, 2017, as considered (d) In our opinion, the aforesaid consolidated Ind AS financial
in the consolidated Ind AS financial statements, in respect of statements comply with the Indian Accounting Standards
a joint venture, whose financial statements have not been prescribed under Section 133 of the Act.
audited by us. These financial statements are unaudited
(e) On the basis of the written representations received from the
and have been furnished to us by the Management and our
directors of the Parent as on March 31, 2017 taken on record
opinion on the consolidated Ind AS financial statements, in
by the Board of Directors of the Parent and the reports of
so far as it relates to the amounts and disclosures included in
the statutory auditors of its subsidiary companies, associate
respect of these subsidiaries and joint venture, is based solely
companies and joint venture companies incorporated
on such unaudited financial statements. In our opinion and
in India, none of the directors of the Group companies,
according to the information and explanations given to us by
its associate companies and joint venture companies
the Management, these financial statements are not material
incorporated in India is disqualified as on March 31, 2017
to the Group.
from being appointed as a director in terms of Section 164 (2)
(c)
In the case of one subsidiary and eight associates the of the Act.
financial statements as at March 31, 2017 are not available.
(f ) With respect to the adequacy of the internal financial controls
The investment in these companies are carried at Re. 1 each
over financial reporting and the operating effectiveness
as at March 31, 2017, the total assets, the total revenue, and
of such controls, refer to our separate Report in Annexure
net cash flows of the subsidiary and the Groups share of
A, which is based on the auditors reports of the Holding
profit/(loss) of these associates have not been included in the
company, subsidiary companies, associate companies and
consolidated Ind AS financial statements.
jointly controlled companies incorporated in India. Our
Our opinion on the consolidated Ind AS financial statements report expresses an unmodified opinion on the adequacy
above, and our report on Other Legal and Regulatory and operating effectiveness of the Parents/ subsidiary
Requirements below, is not modified in respect of the above companys / associate companys / joint venture companys
matters with respect to our reliance on the work done and incorporated in India internal financial controls over financial
the reports of the other auditors and the financial statements reporting.
certified by the Management.

(g) With respect to the other matters to be included in the November 8, 2016 of the Ministry of Finance, during
Auditors Report in accordance with Rule 11 of the Companies the period from November 8, 2016 to December 30,
(Audit and Auditors) Rules, 2014, as amended, in our opinion 2016 of the Group entities as applicable. Based on
and to the best of our information and according to the audit procedures performed and the representations
explanations given to us: provided to us by the management we report that the
disclosures are in accordance with the relevant books of
i. The consolidated Ind AS financial statements disclose
accounts maintained by those entities for the purpose
the impact of pending litigations on the consolidated
of preparation of the consolidated Ind AS financial
financial position of the Group, its associates and joint
statements and as produced to us (and the other
ventures.
auditors) by the Management of the respective Group
ii. Provision has been made in the consolidated Ind AS entities.
financial statements, as required under the applicable
law or accounting standards, for material foreseeable
losses, if any, on long-term contracts including
derivative contracts.
iii.
There has been no delay in transferring amounts (Firms Registration No. 117366W/W-100018)
required to be transferred, to the Investor Education
and Protection Fund by the Parent and its subsidiary
companies, associate companies and joint venture
companies incorporated in India. N. Venkatram
(Partner)
iv. The Parent has provided requisite disclosures in the
consolidated Ind AS financial statements as regards
the holding and dealings in Specified Bank Notes
as defined in the Notification S.O. 3407(E) dated the

CONSOLIDATED
ANNEXURE A TO THE INDEPENDENT

AUDITORS REPORT
(Referred to in paragraph (f) under Report on Other Legal and Our audit involves performing procedures to obtain audit evidence
Regulatory Requirements section of our report of even date) about the adequacy of the internal financial controls system over
financial reporting and their operating effectiveness. Our audit
Report on the Internal Financial Controls Over Financial
of internal financial controls over financial reporting included
Reporting under Clause (i) of Sub-section 3 of Section 143 of the
obtaining an understanding of internal financial controls over
Companies Act, 2013 (the Act)
financial reporting, assessing the risk that a material weakness
In conjunction with our audit of the consolidated Ind AS financial exists, and testing and evaluating the design and operating
statements of the Company as of and for the year ended March 31, effectiveness of internal control based on the assessed risk. The
2017, we have audited the internal financial controls over financial procedures selected depend on the auditors judgement, including
reporting of Tata Steel Limited (hereinafter referred to as Parent) the assessment of the risks of material misstatement of the financial
and its subsidiary companies, its associate companies and joint statements, whether due to fraud or error.
ventures, which are companies incorporated in India, as of that
We believe that the audit evidence we have obtained and the audit
date.
evidence obtained by other auditors of the subsidiary companies,
associate companies and joint ventures, which are companies
Managements Responsibility for Internal Financial
incorporated in India, in terms of their reports referred to in the
Controls
Other Matters paragraph below, is sufficient and appropriate
The respective Board of Directors of the Parent, its subsidiary to provide a basis for our audit opinion on the internal financial
companies, its associate companies and joint ventures, which are controls system over financial reporting of the Parent, its subsidiary
companies incorporated in India, are responsible for establishing companies, its associate companies and its joint ventures, which
and maintaining internal financial controls based on the internal are companies incorporated in India.
control over financial reporting criteria established by the
respective Companies considering the essential components of Meaning of Internal Financial Controls over Financial
internal control stated in the Guidance Note on Audit of Internal Reporting
Financial Controls Over Financial Reporting issued by the Institute
A companys internal financial control over financial reporting is a
of Chartered Accountants of India (ICAI). These responsibilities
process designed to provide reasonable assurance regarding the
include the design, implementation and maintenance of adequate
reliability of financial reporting and the preparation of financial
internal financial controls that were operating effectively for
statements for external purposes in accordance with generally
ensuring the orderly and efficient conduct of its business, including
accepted accounting principles. A companys internal financial
adherence to the respective companys policies, the safeguarding
control over financial reporting includes those policies and
of its assets, the prevention and detection of frauds and errors, the
procedures that (1) pertain to the maintenance of records that,
accuracy and completeness of the accounting records, and the
in reasonable detail, accurately and fairly reflect the transactions
timely preparation of reliable financial information, as required
and dispositions of the assets of the company; (2) provide
under the Companies Act, 2013.
reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with
Auditors Responsibility
generally accepted accounting principles, and that receipts and
Our responsibility is to express an opinion on the internal financial expenditures of the company are being made only in accordance
controls over financial reporting of the Parent, its subsidiary with authorisations of management and directors of the company;
companies, its associate companies and its joint ventures, which and (3) provide reasonable assurance regarding prevention or
are companies incorporated in India, based on our audit. We timely detection of unauthorised acquisition, use, or disposition
conducted our audit in accordance with the Guidance Note on of the companys assets that could have a material effect on the
Audit of Internal Financial Controls Over Financial Reporting (the financial statements.
Guidance Note) issued by the Institute of Chartered Accountants
of India and the Standards on Auditing, prescribed under Section Inherent Limitations of Internal Financial Controls over
143(10) of the Companies Act, 2013, to the extent applicable to Financial Reporting
an audit of internal financial controls. Those Standards and the
Because of the inherent limitations of internal financial controls
Guidance Note require that we comply with ethical requirements
over financial reporting, including the possibility of collusion
and plan and perform the audit to obtain reasonable assurance
or improper management override of controls, material
about whether adequate internal financial controls over financial
misstatements due to error or fraud may occur and not be detected.
reporting was established and maintained and if such controls
Also, projections of any evaluation of the internal financial controls
operated effectively in all material respects.

over financial reporting to future periods are subject to the risk that Other Matters
the internal financial control over financial reporting may become
Our aforesaid report under Section 143(3)(i) of the Act on the
inadequate because of changes in conditions, or that the degree of
adequacy and operating effectiveness of the internal financial
compliance with the policies or procedures may deteriorate.
controls over financial reporting insofar as it relates to 10
subsidiary companies and 9 joint ventures, which are companies
Opinion
incorporated in India, is based solely on the corresponding reports
In our opinion and to the best of our information and according of the auditors of such companies incorporated in India.
to the explanations given to us and based on the consideration
Our opinion is not modified in respect of the above matters.
of the reports of the other auditors referred to in the Other
Matters paragraph below, the Parent, its subsidiary companies,
its associate companies and joint ventures, which are companies
incorporated in India, have, in all material respects, an adequate For DELOITTE HASKINS & SELLS LLP
internal financial controls system over financial reporting and such Chartered Accountants
internal financial controls over financial reporting were operating (Firms Registration No. 117366W/W-100018)
effectively as at March 31, 2017, based on the internal control over
financial reporting criteria established by the respective companies
considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls N. Venkatram
Over Financial Reporting issued by the Institute of Chartered (Partner)
Accountants of India. (Membership No. 071387)

CONSOLIDATED
CONSOLIDATED
BALANCE SHEET as at March 31, 2017, 2016 and April 1, 2015
(` crore)
As at As at As at
Note Page
ASSETS
I Non-current assets
(a) Property, plant and equipment 3 271 86,880.59 66,569.24 67,149.55
(b) Capital work-in-progress 15,514.37 35,793.32 28,099.43
(c) Goodwill on consolidation 5 276 3,494.73 4,067.56 3,960.85
(d) Other Intangible assets 6 277 1,631.23 1,562.96 2,987.16
(e) Intangible assets under development 269.76 202.77 81.98
(f ) Equity accounted investments 7 279 1,593.68 1,620.41 1,719.61
(g) Financial assets
(i) Investments 8 281 5,190.31 4,429.75 11,158.77
(ii) Loans 9 282 373.06 412.23 290.09
(iii) Derivative assets 83.17 32.82 88.17
(iv) Other financial assets 10 283 85.58 41.04 70.51
(h) Retirement benefit assets 11 284 1,752.64 11,477.44 1,330.63
(i) Income tax assets 981.23 1,040.26 849.02
(j) Deferred tax assets 12 285 885.87 627.45 812.20
(k) Other assets 13 288 3,674.96 3,842.23 3,354.43
Total non-current assets 1,22,411.18 1,31,719.48 1,21,952.40
II Current assets
(a) Inventories 14 289 24,803.82 20,013.33 24,593.36
(b) Financial assets
(i) Investments 8 281 5,673.13 4,663.55 1,214.60
(ii) Trade receivables 15 290 11,586.82 12,066.22 13,579.77
(iii) Cash and cash equivalents 16 291 4,832.29 6,109.05 8,177.13
(iv) Other balances with bank 17 292 88.76 77.29 71.34
(v) Loans 9 282 224.50 207.42 215.52
(vi) Derivative assets 104.04 309.62 1,497.34
(vii) Other financial assets 10 283 387.82 241.30 351.67
(c) Income tax assets 35.08 50.20 44.69
(d) Other assets 13 288 2,194.38 2,027.87 1,958.06
Total current assets 49,930.64 45,765.85 51,703.48
III Assets held for sale 18 293 991.42 26.11 145.42
TOTAL ASSETS 1,73,333.24 1,77,511.44 1,73,801.30

CONSOLIDATED
BALANCE SHEET (CONTD.) as at March 31, 2017, 2016 and April 1, 2015
(` crore)
As at As at As at
Note Page
EQUITY AND LIABILITIES
IV Equity
(a) Equity share capital 19 294 970.24 970.24 971.41
(b) Hybrid Perpetual Securities 20 296 2,275.00 2,275.00 2,275.00
(c) Other equity 21 296 34,574.08 40,487.31 43,867.22
Equity attributable to shareholders of the 37,819.32 43,732.55 47,113.63
Company
Non controlling interest 1,601.70 780.94 854.18
Total equity 39,421.02 44,513.49 47,967.81
V Non-current liabilities
(i) Borrowings 22 300 64,022.27 64,872.78 62,251.56
(ii) Derivative liabilities 179.98 165.47 174.91
(iii) Other financial liabilities 23 303 108.78 454.42 900.55
(b) Provisions 24 303 4,279.69 4,440.48 2,973.49
(c) Retirement benefit obligations 11 284 2,666.27 2,929.48 3,353.37
(d) Deferred income 25 305 2,057.59 2,431.41 2,335.19
(e) Deferred tax liabilities 12 285 10,030.08 9,420.89 9,937.71
(f ) Other liabilities 26 305 226.51 329.05 320.49
Total non-current liabilities 83,571.17 85,043.98 82,247.27
VI Current liabilities
(i) Borrowings 22 300 18,328.10 15,722.12 9,693.25
(ii) Trade payables 27 306 18,574.46 18,556.70 18,066.66
(iii) Derivative liabilities 673.67 498.28 736.63
(iv) Other financial liabilities 23 303 6,315.51 6,901.12 10,528.56
(b) Provisions 24 303 987.38 1,521.86 816.48
(c) Retirement benefit obligations 11 284 95.20 111.08 110.31
(d) Deferred income 25 305 22.52 3.70 3.08
(e) Income tax liabilities 739.18 1,001.10 794.49
(f ) Other liabilities 26 305 4,315.27 3,638.01 2,836.76
Total current liabilities 50,051.29 47,953.97 43,586.22
VII Liabilities held for sale 18 293 289.76 - -
TOTAL EQUITY AND LIABILITIES 1,73,333.24 1,77,511.44 1,73,801.30
NOTES FORMING PART OF THE FINANCIAL
1-48
STATEMENTS


(DIN: 00004989)

CONSOLIDATED
CONSOLIDATED STATEMENT OF
PROFIT AND LOSS for the years ended March 31, 2017 and 2016
(` crore)
Note Page
March 31, 2017 March 31, 2016
I Revenue from Operations 28 306 1,17,419.94 1,06,339.92
II Other income 29 306 527.47 412.22
III Total Income 1,17,947.41 1,06,752.14
IV Expenses
(a) Raw materials consumed 32,418.09 28,114.90
(b) Purchases of finished, semi-finished and other products 11,424.94 10,581.37
(c) Changes in stock of finished goods, work-in-progress and (4,538.13) 1,925.19
stock-in-trade
(d) Employee benefit expenses 30 307 17,252.22 17,587.63
(e) Finance costs 31 307 5,072.20 4,221.41
(f ) Depreciation and amortisation expense 32 307 5,672.88 5,306.35
(g) Other expenses 33 308 44,619.71 41,255.47
1,11,921.91 1,08,992.32
(h) Less: Expenditure (other than interest) transferred to capital and other 764.71 1,092.97
accounts
Total Expenses 1,11,157.20 1,07,899.35
V Share of profit/(loss) of joint ventures and associates 7.65 (110.42)
VI Profit before exceptional items and tax (III-IV+V) 6,797.86 (1,257.63)
VII Exceptional Items 34 308
(a) Profit on sale of non-current investments 22.70 47.17
(b) Profit on sale of non-current asset 85.87 -
(c) Provision for diminution in value of investments/doubtful advances (125.45) (72.99)
(d) Provision for impairment of non-current assets (267.93) (1,530.17)
(e) Provision for demands and claims (218.25) (880.05)
(f ) Employee separation compensation (207.37) (556.25)
(g) Restructuring and other provisions (3,613.80) 6,982.67
Total exceptional items (4,324.23) 3,990.38
VIII Profit/(loss) before tax (VI+VII) 2,473.63 2,732.75
IX Tax expense:
(a) Current tax 1,741.70 1,321.02
(b) Deferred tax 1,036.31 (631.06)
Total tax expense 2,778.01 689.96
X Profit/(loss) after tax from continuing operations (304.38) 2,042.79
XI Profit/(loss) after tax from discontinued operations 35 309

(a) Profit/(loss) after tax from discontinued operations (778.87) (2,539.88)
(b) Profit/(loss) on disposal of discontinued operations (3,085.32) -
Profit/(loss) after tax from discontinued operations (3,864.19) (2,539.88)
XII Profit/(loss) for the year (A) (4,168.57) (497.09)

PROFIT AND LOSS (CONTD.) for the years ended March 31, 2017 and 2016
(` crore)
Note Page
March 31, 2017 March 31, 2016
XIII Other Comprehensive Income/(loss)
A) (i) Items that will not be reclassified subsequently to the
consolidated statement of profit and loss
a) Remeasurement gains/(losses) on post employment (4,334.54) 1,979.30
defined benefit plans
b) Fair value changes of investments in equity shares 836.92 (3,167.27)
c) Share of equity accounted investees 3.37 (0.27)
(ii) Income tax on Items that will not be reclassified 782.34 (576.02)
subsequently to the consolidated statement of profit and
loss
B) (i) Items that will be reclassified subsequently to the
consolidated statement of profit and loss
a) Foreign currency translation differences 2,045.14 (263.59)
b) Fair value changes of cash flow hedges 145.33 116.91
c) Share of equity accounted investees (2.17) 27.69
(ii) Income tax on items that will be reclassified subsequently (39.45) (14.92)
to the consolidated statement of profit and loss
Total Other Comprehensive Income/(loss) (B) (563.06) (1,898.17)
XIV Profit/(loss) from continuing operations for the year:

Shareholders of the Company (376.61) 2,157.10
Non controlling interests 72.23 (114.31)
(304.38) 2,042.79
XV Profit/(loss) from discontinued operations for the year:
Shareholders of the Company (3,864.19) (2,539.88)
Non controlling interests - -
(3,864.19) (2,539.88)
XVI Total Comprehensive Income for the year: (A+B)
(i) Shareholders of the Company (4,800.32) (2,283.21)
(ii) Non controlling interests 68.69 (112.05)
(4,731.63) (2,395.26)
XVII Earnings per equity share (from continuing operations)
Basic & Diluted (`) 37 311 (4.93) 19.26
XVIII Earnings per equity share (from discontinued operations)
Basic & Diluted (`) 37 311 (39.84) (26.18)
XIX Earnings per equity share (from continuing and discontinued
operations)
Basic & Diluted (`) 37 311 (44.77) (6.92)
XX Notes forming part of the financial statements 1-48


(DIN: 00004989)

CONSOLIDATED
CHANGES IN EQUITY for the years ended March 31, 2017 and 2016
A. EQUITY SHARE CAPITAL

(` crore)
April 1, 2016 March 31, 2017
970.24 - 970.24
(` crore)
April 1, 2015 March 31, 2016
971.41 (1.17) 970.24
(i) Changes in equity share capital during the year 2015-16 represents adjustment on account of shares held by a subsidiary in the
Company.
B. HYBRID PERPETUAL SECURITIES

(` crore)
April 1, 2016 March 31, 2017
2,275.00 - 2,275.00
(` crore)
April 1, 2015 March 31, 2016
2,275.00 - 2,275.00
C. OTHER EQUITY
(` crore)
Retained Other Other Share Equity Non- Total
earnings comprehensive consolidated application attributable to controlling Equity
income reserves reserves money pending share holders of interest
(Refer Note 21A, (Refer Note 21B, allotment the Group
Page 296) Page 298)
Balance as at April 1, 2016 (2,415.49) 9,440.70 33,462.10 - 40,487.31 780.94 41,268.25
Profit /(loss) for the year (4,240.80) - - - (4,240.80) 72.23 (4,168.57)
Other comprehensive income (3,549.43) 2,989.91 - - (559.52) (3.54) (563.06)
Total comprehensive income (7,790.23) 2,989.91 - - (4,800.32) 68.69 (4,731.63)
Dividend (776.97) - - - (776.97) (14.77) (791.74)
Tax on dividend (147.74) - - - (147.74) - (147.74)
Additions during the year - - 191.39 - 191.39 - 191.39
Transfer to consolidated
- - (40.22) - (40.22) - (40.22)
Distribution on Hybrid
(266.10) - - - (266.10) - (266.10)
Perpetual Securities
Tax on distribution on Hybrid
92.09 - - - 92.09 - 92.09
Perpetual Securities
Transfers within equity (3.76) (1.75) (7.52) - (13.03) 13.03 -
Adjustment for change in (133.01) - 1.75 0.01 (131.25) 783.15 651.90
ownership interests/ capital
contributions received
Other movements (5.80) - (15.28) - (21.08) (29.34) (50.42)
Balance as at March 31, 2017 (11,447.01) 12,428.86 33,592.22 0.01 34,574.08 1,601.70 36,175.78

CHANGES IN EQUITY (CONTD.) for the years ended March 31, 2017 and 2016
(` crore)
Retained Other Other Share Equity Non- Total
earnings comprehensive consolidated application attributable to controlling Equity
income reserves reserves money pending share holders of interest
(Refer Note 21A, (Refer Note 21B, allotment the Group
Page 296) Page 298)
Balance as at April 1, 2015 (5,925.75) 16,346.19 33,446.78 - 43,867.22 854.18 44,721.40
Profit /(loss) for the year (382.78) - - - (382.78) (114.31) (497.09)
Other comprehensive income 1,644.93 (3,545.37) - - (1,900.44) 2.27 (1,898.17)
Total comprehensive income 1,262.15 (3,545.37) - - (2,283.22) (112.04) (2,395.26)
Dividend (776.97) - - - (776.97) (11.19) (788.16)
Tax on dividend (149.30) - - - (149.30) - (149.30)
Additions during the year - - 42.04 - 42.04 - 42.04
Transfer to consolidated
statement of profit and loss - - (8.18) - (8.18) - (8.18)
Distribution on Hybrid
Perpetual Securities (266.17) - - - (266.17) - (266.17)
Tax on distribution on Hybrid

Perpetual Securities 92.11 - - - 92.11 - 92.11
Transfers within equity 3,348.44 (3,371.15) 18.75 - (3.96) 3.96 -
Capital contributions received - - - - - 42.60 42.60
Adjustments for cross holdings - - (37.29) - (37.29) - (37.29)
Other movements - 11.03 - - 11.03 3.43 14.46
Balance as at March 31, 2016 (2,415.49) 9,440.70 33,462.10 - 40,487.31 780.94 41,268.25


(DIN: 00004989)

CONSOLIDATED
CASH FLOWS for the years ended March 31, 2017 and 2016
(` crore)
March 31, 2017 March 31, 2016
(A) CASH FLOWS FROM OPERATING ACTIVITIES:
Profit before taxes (1,382.55) 247.30
Adjustments for:
Depreciation and amortisation expense 5,690.44 5,384.07
(Profit)/loss on sale of non-current investments (0.97) -
Income from non-current investments (57.17) (49.95)
(Profit)/loss on assets sold/discarded/written off (0.15) (31.42)
Exceptional Income/(Expenses) 4,324.21 (3,094.39)
(Gain)/loss on cancellation of forwards, swaps and options 67.95 1.23
Interest and income from current investments and guarantees (517.62) (319.54)
Finance costs 5,072.20 4,221.41
Exchange (gain) /loss on revaluation of foreign currency loans 1,422.50 164.61
and swaps
Share of profit or loss of joint ventures and associates (7.65) 110.42
(Profit)/loss on disposal of discontinued operation 3,085.32 -
Other non cash items (115.07) 190.27
18,963.99 6,576.71
Operating profit before working capital changes 17,581.44 6,824.01
Adjustments for:
Non-current/current financial and other assets (524.29) 2,640.88
Inventories (8,243.17) 5,617.85
Non-current/current financial and other liabilities/provisions 3,876.75 (2,093.11)
(4,890.71) 6,165.62
Cash generated from operations 12,690.73 12,989.63
Direct taxes paid (1,842.66) (1,534.28)
Net cash from/(used in) operating activities 10,848.07 11,455.35
(B) CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of fixed assets (7,715.64) (10,163.44)
Sale of fixed assets 288.72 230.63
Purchase of non-current investments (24.74) (553.58)
Sale of non-current investments 91.24 4,275.07
(Purchase)/sale of current investments (net) (692.63) (3,241.94)
Loans given (net of repayments) (150.14) 37.32
Fixed/Restricted deposits with banks (placed)/realised (27.22) (1.29)
Interest received 140.12 133.06
Dividend received from associates and joint ventures 53.29 40.71
Dividend received from others 32.14 67.09
Acquisition of subsidiaries/undertakings - (77.51)
Sale of subsidiaries/undertakings (1,081.36) 0.06
Net cash from/(used in) investing activities (9,086.22) (9,253.82)

CASH FLOWS (CONTD.) for the years ended March 31, 2017 and 2016
(` crore)
March 31, 2017 March 31, 2016
(C) CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contributions received 651.89 -
Proceeds from borrowings 19,484.55 14,047.70
Repayment of borrowings (16,394.07) (12,709.39)
Repayment of finance lease obligations (208.23) (200.48)
Amount received/(paid) on utilisation/cancellation of (178.18) 829.12
derivatives
Distribution on Hybrid Perpetual Securities (266.10) (266.49)
Interest paid (4,732.46) (5,483.31)
Dividend paid (791.32) (788.17)
Tax on dividend paid (158.52) (158.10)
Net cash from/(used in) financing activities (2,592.44) (4,729.12)
Net increase /(decrease) in cash or cash equivalents (830.59) (2,527.59)
Opening cash and cash Equivalents (1) 6,076.94 8,177.13
Effect of exchange rate on translation of foreign currency cash (414.06) 459.51
and cash equivalents
Closing cash and cash Equivalents (Refer Note 16, Page 291) 4,832.29 6,109.05
(1) Excludes `32.11 crore in respect of subsidiaries disposed off/ held for sale during the year (2015-16: Includes `0.07 crore in respect of
subsidiaries acquired off during the year)
(2) The Group has acquired property, plant and equipment of 790.21 crore (2015-16: 221.97 crore) on finance lease.


(DIN: 00004989)

CONSOLIDATED
NOTES forming part of the consolidated financial statements
1. COMPANY INFORMATION In accordance with Ind AS 101 First time adoption of
Indian Accounting Standard, the Group has presented a
Tata Steel Limited (the Company) is a public limited
reconciliation from the presentation of financial statements
Company incorporated in India with its registered office
under accounting standards notified under the Companies
in Mumbai, Maharashtra, India. The Company is listed on
(Accounting Standards) Rules, 2006 (Previous GAAP) to Ind
the Bombay Stock Exchange (BSE) and the National Stock
AS of total equity as at April 1, 2015 and March 31, 2016, total
Exchange (NSE).
comprehensive income and cash flow for the year ended
The Company and its subsidiaries (collectively referred to as March 31, 2016.
the Group) have a presence across the entire value chain of
steel manufacturing, from mining and processing iron ore (b) Basis of preparation
and coal to producing and distributing finished products.
The financial statements have been prepared under the
The Group offers a broad range of steel products including
historical cost convention with the exception of certain assets
a portfolio of high value-added downstream products such
and liabilities that are required to be carried at fair values by
as hot rolled, cold rolled and coated steel, rebars, wire rods,
Ind AS.
tubes and wires.
Fair value is the price that would be received to sell an asset
The consolidated financial statements as at March 31, 2017
or paid to transfer a liability in an orderly transaction between
present the financial position of the Group as well as its
market participants at the measurement date.
interests in associate companies and joint arrangements.
The functional and presentation currency of the Company (c) Use of estimates and critical accounting judgements
and the presentation currency of the Group is the Indian
In preparation of the financial statements, the Group makes
Rupee (`) which is the currency of the primary economic
judgements, estimates and assumptions about the carrying
environment in which the Group operates.
values of assets and liabilities that are not readily apparent
As on March 31, 2017, Tata Sons Limited (or Tata Sons), from other sources. The estimates and the associated
together with its subsidiaries, owns 29.75% of the Ordinary assumptions are based on historical experience and other
shares of the Company, and has the ability to influence the factors that are considered to be relevant. Actual results may
Groups operations. differ from these estimates.
The financial statements for the year ended March 31, 2017 The estimates and the underlying assumptions are reviewed
were approved by the Board of Directors and authorised for on an ongoing basis. Revisions to accounting estimates are
issue on May 16, 2017. recognised in the period in which the estimate is revised and
future periods affected.
2. SIGNIFICANT ACCOUNTING POLICIES
Significant judgements and estimates relating to the carrying

The significant accounting policies applied by the Group in value of assets and liabilities include useful lives of property,
the preparation of its consolidated financial statements are plant and equipment and intangible assets, impairment
listed below. Such accounting policies have been applied of property, plant and equipment, intangible assets,
consistently to all the periods presented in these financial investments and goodwill, provision for employee benefits
statements and in preparing the opening Ind AS Consolidated and other provisions, recoverability of deferred tax assets,
balance sheet as at April 1, 2015 for the purpose of transition commitments and contingencies.
to Ind AS, unless otherwise indicated.
(d) Basis of consolidation
(a) Statement of compliance
The consolidated financial statements incorporate the
In accordance with the notification issued by the Ministry financial statements of the Company and entities controlled
of Corporate Affairs, the Group has adopted Ind AS notified by the Company i.e. its subsidiaries. It also includes the
under the Companies (Indian Accounting Standards) Rules, Groups share of profits, net assets and retained post
2015 with effect from April 1, 2016. acquisition reserves of joint arrangements and associates
that are consolidated using the equity or proportionate
The transition from Previous GAAP to Ind AS has been
method of consolidation, as applicable.
accounted for in accordance with Ind AS 101 First Time
Adoption of Indian Accounting Standards, with April 1, 2015 Control is achieved when the Company is exposed to, or has
being the transition date. rights to the variable returns of the entity and the ability to

2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) Once control has been achieved, any subsequent acquisitions
where the Group does not originally hold hundred percent
affect those returns through its power over the entity. interest in a subsidiary are treated as an acquisition of shares
from non-controlling shareholders. The identifiable net
The results of subsidiaries, joint arrangements and associates
assets are not subject to further fair value adjustments and
acquired or disposed off during the year are included in the
the difference between the cost of acquisition of the non-
consolidated statement of profit and loss from the effective
controlling interest and the net book value of the additional
date of acquisition or up to the effective date of disposal, as
proportion acquired is adjusted in equity. The amount of non-
appropriate.
controlling interests in the acquiree is measured either at the
Wherever necessary, adjustments are made to the financial non-controlling interests proportion of the net fair value of
statements of subsidiaries, joint arrangements and associates the assets, liabilities and contingent liabilities recognised or
to bring their accounting policies in line with those used by at fair value.
other members of the Group.
Business combinations arising from transfers of interests in
Intra-group transactions, balances, income and expenses are entities that are under the common control are accounted for
eliminated on consolidation. using the pooling of interest method. The difference between
any consideration transferred and the aggregate historical
Non-controlling interests in the net assets (excluding
carrying values of assets and liabilities of the acquired entity
goodwill) of consolidated subsidiaries are identified
are recognised in shareholders equity.
separately from the Groups equity. The interest of non-
controlling shareholders may be initially measured either at
(f) Goodwill
fair value or at the non-controlling interests proportionate
share of the fair value of the acquirees identifiable net assets. Goodwill arising on the acquisition of a subsidiary represents
The choice of measurement basis is made on an acquisition- the excess of the consideration transferred in the business
by-acquisition basis. Subsequent to acquisition, the carrying combination over the Groups interest in the net fair value
value of non-controlling interests is the amount of those of the identifiable assets acquired, liabilities assumed and
interests at initial recognition plus the non-controlling contingent liabilities recognised at the date of acquisition.
interests share of subsequent changes in equity. Total Goodwill is initially recognised as an asset at cost and
comprehensive income is attributed to non-controlling is subsequently measured at cost less any accumulated
interests even if it results in the non-controlling interests impairment losses.
having a deficit balance.
For the purpose of impairment testing, goodwill is allocated
to each of the Groups cash-generating units or groups of
(e) Business combinations
cash-generating units that are expected to benefit from
Acquisition of subsidiaries and businesses are accounted for the synergies of the combination. Cash-generating units to
using the purchase method. The consideration transferred which goodwill has been allocated are tested for impairment
in each business combination is measured at the aggregate annually, or more frequently when there is an indication that
of the acquisition date fair values of assets given, liabilities the units value may be impaired. If the recoverable amount
incurred by the Group to the former owners of the acquiree, of the cash-generating unit is less than the carrying value of
and equity interests issued by the Group in exchange for the unit, the impairment loss is allocated first to reduce the
control of the acquiree. carrying value of any goodwill allocated to the unit and then
to the other assets of the unit in proportion to the carrying
Acquisition related costs are recognised in the consolidated
value of each asset in the unit.
statement of profit and loss.
An impairment loss recognised for goodwill is not reversed
Goodwill arising on acquisition is recognised as an asset
in a subsequent period. On disposal of a subsidiary,
and measured at cost, being the excess of the consideration
the attributable amount of goodwill is included in the
transferred in the business combination over the Groups
determination of profit or loss on disposal.
interest in the net fair value of the identifiable assets acquired,
liabilities assumed and contingent liabilities recognised.
(g) Investment in associates
Where the fair value of the identifiable assets and liabilities
exceed the cost of acquisition, after re-assessing the fair Associates are those enterprises in which the Group has
values of the net assets and contingent liabilities, the excess significant influence, but does not have control.
is recognised as capital reserve on consolidation.

CONSOLIDATED
2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) Unrealised gains on transactions between the Group and
its joint ventures are eliminated to the extent of the Groups
Investments in associates are accounted for using the interest in the joint venture, unrealised losses are also
equity method and are initially recognised at cost, from the eliminated unless the transaction provides evidence of an
date significant influence commences until the date that impairment of the asset transferred and where material,
significant influence ceases. Subsequent changes in the the results of joint ventures are modified to confirm to the
carrying value reflect the post-acquisition changes in the Groups accounting policies.
Groups share of net assets of the associate and impairment
charges, if any. (i) Property, plant and equipment
When the Groups share of losses exceeds the carrying value An item of property, plant and equipment is recognised
of the associate, the carrying value is reduced to nil and as an asset if it is probable that future economic benefits
recognition of further losses is discontinued, except to the associated with the item will flow to the Group and its
extent that the Group has incurred obligations in respect of cost can be measured reliably. This recognition principle is
the associate. applied to the costs incurred initially to acquire an item of
property, plant and equipment and also to costs incurred
Unrealised gains on transactions between the Group and its
subsequently to add to, replace part of, or service it. All other
associates are eliminated to the extent of the Groups interest
repair and maintenance costs, including regular servicing, are
in the associates, unrealised losses are also eliminated unless
recognised in the consolidated statement of profit and loss as
the transaction provides evidence of an impairment of the
incurred. When a replacement occurs, the carrying value of
asset transferred and where material, the results of associates
the replaced part is de-recognised. Where an item of property,
are modified to confirm to the Groups accounting policies.
plant and equipment comprises major components having
different useful lives, these components are accounted for as
(h) Interest in joint arrangements
separate items.
A joint arrangement is a contractual arrangement whereby
Property, plant and equipment are stated at cost, less
the Group and other parties undertake an economic activity
accumulated depreciation and impairment. Cost includes all
where the strategic financial and operating policy decisions
direct costs and expenditures incurred to bring the asset to
relating to the activities of the joint arrangement require the
its working condition and location for its intended use. Trial
unanimous consent of the parties sharing control.
run expenses (net of revenue) are capitalised. Borrowing
Where Group entity undertakes its activities under joint costs incurred during the period of construction is capitalised
arrangements directly, the Groups share of jointly controlled as part of cost of the qualifying asset.
assets and any liabilities incurred jointly with other parties are
The gain or loss arising on disposal of an asset is determined
recognised in its financial statements and classified according
as the difference between the sale proceeds and the carrying
to their nature. Liabilities and expenses incurred directly in
value of the asset, and is recognised in the consolidated
respect of interests in jointly controlled assets are accounted
statement of profit and loss.
for on the accrual basis. Income from the sale or use of the
Groups share of the output of jointly controlled assets, and its
(j) Exploration for and evaluation of mineral resources
share of joint arrangements expenses, are recognised when
it is probable that the economic benefits associated with the Expenditures associated with search for specific mineral
transactions will flow to the Group and their amount can be resources are recognised as exploration and evaluation
measured reliably. assets. The following expenditure comprises the cost of
exploration and evaluation assets:
Joint arrangements that involve the establishment of a
separate entity in which each venturer has an interest are obtaining of the rights to explore and evaluate mineral
referred to as joint ventures. The Group reports its interests reserves and resources including costs directly related
in joint ventures using the equity method of accounting to this acquisition
whereby an interest in joint venture is initially recorded at researching and analysing existing exploration data
cost and adjusted thereafter for post-acquisition changes conducting geological studies, exploratory drilling and
in the Groups share of net assets of the joint venture. The sampling
consolidated statement of profit and loss reflects the Groups examining and testing extraction and treatment
share of the results of operations of the joint venture. methods
compiling pre-feasibility and feasibility studies

2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) (l) Provision for restoration and environmental costs
The Group has liabilities related to restoration of soil and

activities in relation to evaluating the technical
other related works, which are due upon the closure of
feasibility and commercial viability of extracting a
certain of its production sites.
mineral resource.

Such liabilities are estimated case-by-case based on
Administration and other overhead costs are charged to
available information, taking into account applicable local
the cost of exploration and evaluation assets only if directly
legal requirements. The estimation is made using existing
related to an exploration and evaluation project.
technology, at current prices, and discounted using a discount
If a project does not prove viable, all irrecoverable exploration rate where the effect of time value of money is material.
and evaluation expenditure associated with the project net Future restoration and environmental costs, discounted to
of any related impairment allowances is written off to the net present value, are capitalised and the corresponding
consolidated statement of profit and loss. restoration liability is raised as soon as the obligation to incur
such costs arises. Future restoration and environmental costs
The Group measures its exploration and evaluation assets
are capitalised in property, plant and equipment or mining
at cost and classifies as Property, plant and equipment
assets as appropriate and are depreciated over the life of the
or intangible assets according to the nature of the assets
related asset. The effect of the time value of money on the
acquired and applies the classification consistently. To the
restoration and environmental costs liability is recognised in
extent that tangible asset is consumed in developing an
the consolidated statement of profit and loss.
intangible asset, the amount reflecting that consumption is
capitalised as a part of the cost of the intangible asset.
(m) Intangible assets (excluding goodwill)
As the asset is not available for use, it is not depreciated.
Patents, trademarks and software costs are included in the
All exploration and evaluation assets are monitored for
consolidated balance sheet as intangible assets where they
indications of impairment. An exploration and evaluation
are clearly linked to long term economic benefits for the
asset is no longer classified as such when the technical
Group. In this case they are measured initially at purchase
feasibility and commercial viability of extracting a mineral
cost and then amortised on a straight-line basis over their
resource are demonstrable and the development of the
estimated useful lives. All other costs on patents, trademarks
deposit is sanctioned by the management. The carrying
and software are expensed in the consolidated statement of
value of such exploration and evaluation asset is reclassified
profit and loss as and when incurred.
to mining assets.
Expenditure on research activities is recognised as an expense
(k) Development expenditure for mineral reserves in the period in which it is incurred. Costs incurred on individual
development projects are recognised as intangible assets from
Development is the establishment of access to mineral
the date when all of the following conditions are met:
reserves and other preparations for commercial production.
Development activities often continue during production (i) completion of the development is technically feasible
and include:
(ii) it is the intention to complete the intangible asset and
sinking shafts and underground drifts (often called use or sell it
mine development)
(iii)
it is clear that the intangible asset will generate
making permanent excavations
probable future economic benefits
developing passageways and rooms or galleries
building roads and tunnels and (iv)
adequate technical, financial and other resources
advance removal of overburden and waste rock. to complete the development and to use or sell the
intangible asset are available and
Development (or construction) also includes the installation
of infrastructure (e.g., roads, utilities and housing), machinery, (v)
it is possible to reliably measure the expenditure
equipment and facilities. attributable to the intangible asset during its
development.
Development expenditure is capitalised and presented as
part of mining assets. No depreciation is charged on the Recognition of costs as an asset is ceased when the project is
development expenditure before the start of commercial complete and available for its intended use, or if these criteria
production. no longer applicable.

CONSOLIDATED
2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) Mining assets are amortised over the useful life of the mine or
lease period whichever is lower.
Where development activities do not meet the conditions for
Major furnace relining expenses are depreciated over a
recognition as an asset, any associated expenditure is treated
period of 10 years (average expected life).
as an expense in the period in which it is incurred.
Freehold land is not depreciated.
Intangible assets acquired in a business combination are
identified and recognised separately from goodwill where Assets value upto `25,000 are fully depreciated in the year of
they satisfy the definition of an intangible asset and their fair acquisition.
values can be measured reliably. The cost of such intangible
* For these class of assets, based on internal assessment and
assets is their fair value at the acquisition date.
independent technical evaluation carried out by chartered
Subsequent to initial recognition, intangible assets with engineers, the Company and some of its subsidiaries believes
definite useful lives acquired in a business combination that the useful lives as given above best represent the period
are reported at cost less accumulated amortisation and over which Group expects to use these assets. Hence the
accumulated impairment losses. useful lives for these assets are different from the useful lives
as prescribed under Part C of Schedule II of the Companies
(n) Depreciation and amortisation of property, plant and Act, 2013.
equipment and intangible assets
(o) Impairment
Depreciation or amortisation is provided so as to write
off, on a straight-line basis, the cost of property, plant and At each balance sheet date, the Group reviews the carrying
equipment and other intangible assets, including those held values of its property, plant and equipment and intangible
under finance leases to their residual value. These charges assets to determine whether there is any indication that the
are commenced from the dates the assets are available for carrying value of those assets may not be recoverable through
their intended use and are spread over their estimated useful continuing use. If any such indication exists, the recoverable
economic lives or, in the case of leased assets, over the lease amount of the asset is reviewed in order to determine the
period, if shorter. The estimated useful lives of assets and extent of impairment loss (if any). Where the asset does not
residual values are reviewed regularly and, when necessary, generate cash flows that are independent from other assets,
revised. No further charge is provided in respect of assets that the Group estimates the recoverable amount of the cash
are fully written down but are still in use. generating unit to which the asset belongs.
Depreciation on assets under construction commences only Recoverable amount is the higher of fair value less costs to
when the assets are ready for their intended use. sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value
The estimated useful lives for the main categories of property,
using a pre-tax discount rate that reflects current market
plant and equipment and other intangible assets are:
assessments of the time value of money and the risks specific
Estimated useful to the asset for which the estimates of future cash flows have
life (years) not been adjusted. An impairment loss is recognised in the
Freehold and long leasehold consolidated statement of profit and loss as and when the
upto 60 years*
buildings carrying value of an asset exceeds its recoverable amount.
Roads 5 years
Railway sidings upto 35 years* Where an impairment loss subsequently reverses, the carrying
Plant and machinery 3 to 40 years* value of the asset (or cash generating unit) is increased to
Furniture, fixture and office 3 to 25 years the revised estimate of its recoverable amount, so that the
equipment increased carrying value does not exceed the carrying value
Vehicles and aircraft 4 to 20 years that would have been determined had no impairment loss
Assets covered under the 3 to 34 years been recognised for the asset (or cash generating unit) in
Electricity Act (life as prescribed prior years. A reversal of an impairment loss is recognised in
under the Electricity Act)
the consolidated statement of profit and loss immediately.
Patents and trademarks 4 years
Product and process 5 years
development costs (p) Leases
Computer software upto 8 years The Group determines whether an arrangement contains a
Other assets 1 to 15 years
lease by assessing whether the fulfilment of a transaction

2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) (ii) Finance lease When assets are leased out under a finance
lease, the present value of the minimum lease payments
is dependent on the use of a specific asset and whether the is recognised as a receivable. The difference between the
transaction conveys the right to use that asset to the Group gross receivable and the present value of the receivable
in return for payment. Where this occurs, the arrangement is recognised as unearned finance income. Lease income
is deemed to include a lease and is accounted for either as is recognised over the term of the lease using the net
finance or operating lease. investment method before tax, which reflects a constant
periodic rate of return.
Leases are classified as finance leases where the terms of
the lease transfer substantially all the risks and rewards of
(q) Stripping costs
ownership to the lessee. All other leases are classified as
operating leases. The Group separates two different types of stripping costs
that are incurred in surface mining activity:
The Group as lessee:
developmental stripping costs and
(i) Operating lease Rentals payable under operating leases are production stripping costs
charged to the consolidated statement of profit and loss on a
Developmental stripping costs in order to obtain access to
straight line basis over the term of the relevant lease unless
quantities of mineral reserves that will be mined in future
another systematic basis is more representative of the time
periods are capitalised as part of mining assets. Capitalisation
pattern in which economic benefits from the leased asset are
of developmental stripping costs ends when the commercial
consumed. Contingent rentals arising under operating leases
production of the mineral reserves begins.
are recognised as an expense in the period in which they are
incurred. A mine can operate several open pits that are regarded
as separate operations for the purpose of mine planning
In the event that lease incentives are received to enter into
and production. In this case, stripping costs are accounted
operating leases, such incentives are recognised as a liability.
for separately, by reference to the ore extracted from each
The aggregate benefit of incentives is recognised as a reduction
separate pit. If, however, the pits are highly integrated for the
of rental expense on a straight line basis, except where another
purpose of mine planning and production, stripping costs
systematic basis is more representative of the time pattern in
are aggregated too.
which economic benefits from the leased asset are consumed.
The determination of whether multiple pit mines are
(ii)
Finance lease Finance leases are capitalised at the
considered separate or integrated operations depends on
commencement of lease, at the lower of the fair value of the
each mines specific circumstances. The following factors
property or the present value of the minimum lease payments.
normally point towards the stripping costs for the individual
The corresponding liability to the lessor is included in the
pits being accounted for separately:
consolidated balance sheet as a finance lease obligation. Lease
payments are apportioned between finance charges and mining of the second and subsequent pits is conducted
reduction of the lease obligation so as to achieve a constant consecutively with that of the first pit, rather than
rate of interest on the remaining balance of the liability. concurrently
Finance charges are charged directly against recognised in the separate investment decisions are made to develop
consolidated statement of profit and loss over the period of each pit, rather than a single investment decision being
the lease. made at the outset
the pits are operated as separate units in terms of mine
The Group as lessor: planning and the sequencing of overburden and ore
mining, rather than as an integrated unit
(i) Operating lease Rental income from operating leases is
expenditure for additional infrastructure to support the
recognised in the consolidated statement of profit and loss on
second and subsequent pits are relatively large
a straight line basis over the term of the relevant lease unless
the pits extract ore from separate and distinct ore
another systematic basis is more representative of the time
bodies, rather than from a single ore body.
pattern in which economic benefits from the leased asset is
diminished. Initial direct costs incurred in negotiating and The relative importance of each factor is considered by
arranging an operating lease are added to the carrying value the management to determine whether, on balance, the
of the leased asset and recognised on a straight line basis over stripping costs should be attributed to the individual pit or to
the lease term. the combined output from the several pits.

CONSOLIDATED
2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) (a) Financial assets

Cash and bank balances
Production stripping costs are incurred to extract the ore
in the form of inventories and/or to improve access to an Cash and bank balances consists of:
additional component of an ore body or deeper levels
(i) Cash and cash equivalents - which include cash in hand,
of material. Production stripping costs are accounted for
deposits held at call with banks and other short term
as inventories to the extent the benefit from production
deposits which are readily convertible into known amounts
stripping activity is realised in the form of inventories.
of cash, are subject to an insignificant risk of change in value
The Group recognises a stripping activity asset in the and have maturities of less than one year from the date of
production phase if, and only if, all of the following are met: such deposits. These balances with banks are unrestricted for
withdrawal and usage.
it is probable that the future economic benefit
(improved access to the ore body) associated with the (ii) Other bank balances - which includes balances and deposits
stripping activity will flow to the Group with banks that are restricted for withdrawal and usage.
the Group can identify the component of the ore body
for which access has been improved and Financial assets at amortised cost
the costs relating to the improved access to that
Financial assets are subsequently measured at amortised cost if
component can be measured reliably.
these financial assets are held within a business model whose
Such costs are presented within mining assets. After initial objective is to hold these assets in order to collect contractual cash
recognition, stripping activity assets are carried at cost less flows and the contractual terms of the financial asset give rise on
accumulated amortisation and impairment. The expected specified dates to cash flows that are solely payments of principal
useful life of the identified component of the ore body is used and interest on the principal amount outstanding.
to depreciate or amortise the stripping asset.
Financial assets measured at fair value
(r) Financial Instruments
Financial assets are measured at fair value through other
Financial assets and financial liabilities are recognised when comprehensive income if these financial assets are held within a
the Group becomes a party to the contractual provisions of business model whose objective is to hold these assets in order to
the instrument. Financial assets and liabilities are initially collect contractual cash flows or to sell these financial assets and
measured at fair value. Transaction costs that are directly the contractual terms of the financial asset give rise on specified
attributable to the acquisition or issue of financial assets and dates to cash flows that are solely payments of principal and
financial liabilities (other than financial assets and financial interest on the principal amount outstanding.
liabilities at fair value through profit or loss) are added to or
The Group in respect of equity investments (other than associates
deducted from the fair value measured on initial recognition
and joint arrangements) which are not held for trading has made
of financial asset or financial liability. The transaction costs
an irrevocable election to present in other comprehensive income
directly attributable to the acquisition of financial assets and
subsequent changes in the fair value of such equity instruments.
financial liabilities at fair value through profit and loss are
Such an election is made by the Group on an instrument by
immediately recognised in the consolidated statement of
instrument basis at the time of initial recognition of such equity
profit and loss.
investments.
Effective interest method Financial asset not measured at amortised cost or at fair value
through other comprehensive income is carried at fair value
The effective interest method is a method of calculating the
through the consolidated statement of profit and loss.
amortised cost of a financial instrument and of allocating
interest income or expense over the relevant period. The
Impairment of financial assets
effective interest rate is the rate that exactly discounts future
cash receipts or payments through the expected life of the Loss allowance for expected credit losses is recognised for financial
financial instrument, or where appropriate, a shorter period. assets measured at amortised cost and fair value through other
The Group recognises life time expected credit losses for all trade
receivables that do not constitute a financing transaction.

2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) De-recognition of financial liabilities

The Group derecognises financial liabilities when, and only when,
For financial assets whose credit risk has not significantly increased
the Groups obligations are discharged, cancelled or they expire.
since initial recognition, loss allowance equal to twelve months
expected credit losses is recognised. Loss allowance equal to the
Derivative financial instruments and hedge accounting
lifetime expected credit losses is recognised if the credit risk on
the financial instruments has significantly increased since initial I n the ordinary course of business, the Group uses certain derivative
recognition. financial instruments to reduce business risks which arise from its
exposure to foreign exchange base metal prices and interest rate
De-recognition of financial assets fluctuations. The instruments are confined principally to forward
foreign exchange contracts, forward rate agreements, cross
The Group de-recognises a financial asset only when the
currency swaps, interest rate swaps and collar. The consolidated
contractual rights to the cash flows from the asset expires, or it
instruments are employed as hedges of transactions included in the
transfers the financial asset and substantially all risks and rewards
financial statements or for highly probable forecast transactions/
of ownership of the asset to another entity.
firm contractual commitments. These derivatives contracts do not
If the Group neither transfers nor retains substantially all the risks generally extend beyond six months, except for certain currency
and rewards of ownership and continues to control the transferred swaps and interest rate derivatives.
asset, the Group recognises its retained interest in the assets and
Derivatives are initially accounted for and measured at fair value
an associated liability for amounts it may have to pay.
from the date the derivative contract is entered into and are
If the Group retains substantially all the risks and rewards of subsequently re-measured to their fair value at the end of each
ownership of a transferred financial asset, the Group continues to reporting period.
recognise the financial asset and also recognises a collateralised
T he Group adopts hedge accounting for forward, interest rate and
borrowing for the proceeds received.
commodity contracts wherever possible. At the inception of each
hedge, there is a formal, documented designation of the hedging
(b) Financial liabilities and equity instruments
relationship. This documentation includes, inter alia, items such as
Classification as debt or equity identification of the hedged item or transaction and the nature of
the risk being hedged. At inception each hedge is expected to be
Financial liabilities and equity instruments issued by the Group
highly effective in achieving an offset of changes in fair value or cash
are classified according to the substance of the contractual
flows attributable to the hedged risk. The effectiveness of hedge
arrangements entered into and the definitions of a financial liability
instruments to reduce the risk associated with the exposure being
and an equity instrument.
hedged is assessed and measured at the inception and on an ongoing
basis. The ineffective portion of designated hedges is recognised
Equity instruments
immediately in the consolidated statement of profit and loss.
An equity instrument is any contract that evidences a residual
When hedge accounting is applied:
interest in the assets of the Group after deducting all of its liabilities.
Equity instruments are recorded at the proceeds received, net of for fair value hedges of recognised assets and liabilities,
direct issue costs. changes in fair value of the hedged assets and liabilities
attributable to the risk being hedged, are recognised in the
Financial Liabilities consolidated statement of profit and loss and compensated
for the effective portion of symmetrical changes in the fair
Trade and other payables are initially measured at fair value, net
value of the derivatives
of transaction costs, and are subsequently measured at amortised
cost, using the effective interest rate method where the time value for cash flow hedges, the effective portion of the change in
of money is significant. the fair value of the derivative is recognised directly in equity
and the ineffective portion is taken to the consolidated
Interest bearing bank loans, overdrafts and issued debt are
statement of profit and loss. If the cash flow hedge of a
initially measured at fair value and are subsequently measured
firm commitment or forecasted transaction results in the
at amortised cost using the effective interest rate method. Any
recognition of a non-financial asset or liability, then, at the
difference between the proceeds (net of transaction costs) and
time the asset or liability is recognised, the associated gains or
the settlement or redemption of borrowings is recognised over
losses on the derivative that had previously been recognised
the term of the borrowings in the consolidated statement of profit
and loss.

CONSOLIDATED
2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) Compensated absences

in equity are included in the initial measurement of the asset Compensated absences which are not expected to occur
or liability. For hedges that do not result in the recognition of within twelve months after the end of the period in which the
a non-financial asset or a liability, amounts deferred in equity employee renders the related service are recognised based
are recognised in the consolidated statement of profit and on actuarial valuation at the present value of the obligation
loss in the same period in which the hedged item affects the as on the reporting date.
consolidated statement of profit and loss.
(t) Inventories
In cases where hedge accounting is not applied, changes in
the fair value of derivatives are recognised in the consolidated Inventories are stated at the lower of cost and net realisable
statement of profit and loss as and when they arise. value. Costs comprise direct materials and, where applicable,
direct labour costs and those overheads that have been
Hedge accounting is discontinued when the hedging
incurred in bringing the inventories to their present location
instrument expires or is sold, terminated, or exercised, or
and condition. Net realisable value is the price at which the
no longer qualifies for hedge accounting. At that time, any
inventories can be realised in the normal course of business
cumulative gain or loss on the hedging instrument recognised
after allowing for the cost of conversion from their existing
in equity is retained in equity until the forecasted transaction
state to a finished condition and for the cost of marketing,
occurs. If a hedged transaction is no longer expected to
selling and distribution.
occur, the net cumulative gain or loss recognised in equity is
transferred to the consolidated statement of profit and loss Stores and spare parts are carried at lower of cost and net
for the period. realisable value.
Provisions are made to cover slow moving and obsolete
(s) Employee benefits
items based on historical experience of utilisation on a
Defined contribution plans product category basis, which involves individual businesses
considering their product lines and market conditions.
Payments to defined contribution plans are charged as an
expense as they fall due. Payments made to state managed
(u) Provisions
retirement benefit schemes are dealt with as payments to
defined contribution schemes where the Groups obligations Provisions are recognised in the consolidated balance
under the schemes are equivalent to those arising in a sheet when the Group has a present obligation (legal or
defined contribution retirement benefit scheme. constructive) as a result of a past event, which is expected
to result in an outflow of resources embodying economic
Defined benefit plans
benefits which can be reliably estimated. Each provision is

For defined benefit retirement schemes, the cost of based on the best estimate of the expenditure required to
providing benefits is determined using the Projected Unit settle the present obligation at the balance sheet date. Where
Credit Method, with actuarial valuation being carried out at the time value of money is material, provisions are measured
each balance sheet date. Re-measurement gains and losses on a discounted basis.
of the net defined benefit liability/(asset) are recognised
Constructive obligation is an obligation that derives from an
immediately in other comprehensive income. The service
entitys actions where:
cost and net interest on the net defined benefit liability/
(asset) is treated as a net expense within employment costs. (a) y an established pattern of past practice, published
b
policies or a sufficiently specific current statement, the
Past service cost is recognised as an expense when the plan
entity has indicated to other parties that it will accept
amendment or curtailment occurs or when any related
certain responsibilities and
restructuring costs or termination benefits are recognised,
whichever is earlier. (b) a s a result, the entity has created a valid expectation
on the part of those other parties that it will discharge

The retirement benefit obligation recognised in the
those responsibilities.
consolidated balance sheet represents the present value of
the defined-benefit obligation as reduced by the fair value
(v) Onerous contracts
plan assets.
A provision for onerous contracts is recognised when the
expected benefits to be derived by the Group from a contract

2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) the year. Taxable profit differs from net profit as reported
in the consolidated statement of profit and loss because
are lower than the unavoidable cost of meeting its obligations
it excludes items of income or expense that are taxable or
under the contract. The provision is measured at the present
deductible in other years and it further excludes items that
value of the lower of the expected cost of terminating the
are never taxable or deductible. The Groups liability for
contract and the expected net cost of continuing with
current tax is calculated using tax rates and tax laws that have
the contract. Before a provision is established, the Group
been enacted or substantively enacted in countries where
recognises any impairment loss on the assets associated with
the Company and its subsidiaries operate by the end of the
that contract.
reporting period.
(w) Government grants Deferred tax is the tax expected to be payable or recoverable
on differences between the carrying value of assets and
Government grants related to expenditure on property, plant
liabilities in the financial statements and the corresponding
and equipment are credited to the consolidated statement
tax bases used in the computation of taxable profit, and is
of profit and loss over the useful lives of qualifying assets
accounted for using the balance sheet liability method.
or other systematic basis representative of the pattern of
Deferred tax liabilities are generally recognised for all taxable
fulfilment of obligations associated with the grant received.
temporary differences. In contrast, deferred tax assets are
Total grants received less the amounts credited to the
only recognised to the extent that it is probable that future
consolidated statement of profit and loss at the reporting
taxable profits will be available against which the temporary
date are included in the consolidated balance sheet as
differences can be utilised.
deferred income.
Deferred tax liabilities are recognised on taxable temporary
(x) Non-current assets held for sale and discontinued differences arising on investments in subsidiaries, joint
operations ventures and associates, except where the Group is able
to control the reversal of the temporary difference and it is
Non-current assets and disposal groups classified as held for
probable that the temporary difference will not reverse in the
sale are measured at the lower of their carrying value and fair
foreseeable future.
value less costs to sell.
The carrying value of deferred tax assets is reviewed at the
Assets and disposal groups are classified as held for sale if their
end of each reporting period and reduced to the extent that
carrying value will be recovered through a sale transaction
it is no longer probable that sufficient taxable profits will be
rather than through continuing use. This condition is only
available to allow all or part of the asset to be recovered.
met when the sale is highly probable and the asset, or
disposal group, is available for immediate sale in its present Deferred tax is calculated at the tax rates that are expected to
condition and is marketed for sale at a price that is reasonable apply in the period when the liability is settled or the asset is
in relation to its current fair value. The Group must also be realised based on the tax rates and tax laws that have been
committed to the sale, which should be expected to qualify enacted or substantially enacted by the end of the reporting
for recognition as a completed sale within one year from the period. The measurement of deferred tax liabilities and
date of classification. assets reflects the tax consequences that would follow from
the manner in which the Group expects, at the end of the
Where a disposal group represents a separate major line of
reporting period, to cover or settle the carrying value of its
business or geographical area of operations, or is part of a
assets and liabilities.
single coordinated plan to dispose of a separate major line of
business or geographical area of operations, then it is treated eferred tax assets and liabilities are offset to the extent that
D
as a discontinued operation. The post-tax profit or loss of they relate to taxes levied by the same tax authority and they
the discontinued operation together with the gain or loss are in the same taxable entity, or a Group of taxable entities
recognised on its disposal are disclosed as a single amount where the tax losses of one entity are used to offset the taxable
in the consolidated statement of profit and loss, with all prior profits of another and there are legally enforceable rights to
periods being presented on this basis. set off current tax assets and current tax liabilities within that
jurisdiction.
(y) Income taxes
Current and deferred tax are recognised as an expense or
Tax expense for the year comprises of current and deferred income in the consolidated statement of profit and loss,
tax. The tax currently payable is based on taxable profit for except when they relate to items credited or debited either

CONSOLIDATED
2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) (aa) Foreign currency transactions and translation
in other comprehensive income or directly in equity, in which The consolidated financial statements of the Group are
case the tax is also recognised in other comprehensive income presented in (`), which is the functional currency of the
or directly in equity. Company and the presentation currency for the consolidated
Deferred tax assets include Minimum Alternate Tax (MAT)
paid in accordance with the tax laws in India, which is likely
In preparing the consolidated financial statements,
to give future economic benefits in the form of availability of transactions in currencies other than the entitys functional
set off against future income tax liability. MAT is recognised as currency are recorded at the rates of exchange prevailing
deferred tax assets in the Consolidated balance sheet when on the date of the transaction. At the end of each reporting
the asset can be measured reliably and it is probable that period, monetary items denominated in foreign currencies
the future economic benefit associated with the asset will be are re-translated at the rates prevailing at the end of the
realised. reporting period. Non-monetary items carried at fair value
that are denominated in foreign currencies are re-translated
(z) Revenue at the rates prevailing on the date when the fair value was
determined. Non-monetary items that are measured in terms
Revenue is recognised to the extent that it is probable that
of historical cost in a foreign currency are not translated.
the economic benefits will flow to the Group and the revenue
can be reliably measured, regardless of when the payment is Exchange differences arising on translation of long term
being made. Revenue is measured either at the fair value of the foreign currency monetary items recognised in the
consideration received or receivable net of discounts, taking consolidated financial statements before the beginning of
into account contractually defined terms and excluding taxes the first Ind AS financial reporting period in respect of which
or duties collected on behalf of the government. the Group has elected to recognise such exchange differences
in equity or as part of cost of assets as allowed under Ind As
Sale of goods 101-First time adoption of Indian Accounting Standard
are recognised directly in equity or added/deducted to/
Revenue from the sale of goods is recognised when the
from the cost of assets as the case may be. Such exchange
significant risks and rewards of ownership have been
differences recognised in equity or as part of cost of assets is
transferred to the buyer. No revenue is recognised if there are
recognised in the consolidated statement of profit and loss on
significant uncertainties regarding recovery of the amount
a systematic basis.
due, associated costs or the possible return of goods.
Exchange differences arising on the retranslation or settlement
Interest income of other monetary items are included in the consolidated
statement of profit and loss for the period.
Interest income is accrued on a time proportion basis, by
reference to the principal outstanding and the effective For the purpose of presenting financial statements, the
interest rate applicable. assets and liabilities of the Companys foreign operations
are expressed in ` using exchange rates prevailing at the
Dividend income end of the reporting period. Income and expense items
are translated at the average exchange rates for the period.
Dividend income from investments is recognised when
Exchange differences arising, if any, are recognised in other
the shareholders rights to receive payment have been
comprehensive income and accumulated in a separate
established.
component of equity. On the disposal of a foreign operation,
all of the accumulated exchange differences in respect of that
Rental income
operation attributable to the Company are reclassified to the
Rental income from investment properties and subletting of consolidated statement of profit and loss.
properties is recognised on a straight line basis over the term
Goodwill and fair value adjustments arising on the acquisition
of the relevant leases.
of a foreign operation are treated as assets and liabilities of
the foreign operation and translated at the closing rate
Commission income
Commission income is recognised when the services are
rendered.

2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) I nvestment income earned on the temporary investment of
specific borrowings pending their expenditure on qualifying
(ab) Borrowing costs
assets is recognised in the consolidated statement of profit
Borrowings costs directly attributable to the acquisition, or loss.
construction or production of qualifying assets, which are
Discounts or premiums and expenses on the issue of debt
assets that necessarily take a substantial period of time to get
securities are amortised over the term of the related securities
ready for their intended use or sale, are added to the cost of
and included within borrowing costs. Premiums payable on
those assets, until such time as the assets are substantially
early redemptions of debt securities, in lieu of future finance
ready for the intended use or sale.
costs, are written off as borrowing costs when paid.
3. PROPERTY, PLANT AND EQUIPMENT

(` crore)
Land Buildings Plant and Furniture, Vehicles Leased Railway Total
including Machinery Fixtures FFOE Sidings
roads and Office and
Equipments Vehicles
(FFOE)
Cost/Deemed cost as at April 1, 2016 16,499.12 11,057.73 73,865.03 414.35 335.35 0.33 756.84 1,02,928.75
Additions 299.98 977.74 25,780.03 157.13 26.80 0.38 609.28 27,851.34
Disposals (20.26) (130.22) (1,013.11) (4.43) (8.91) - - (1,176.93)
Disposal of group undertakings (15.77) (290.07) (1,576.92) (3.14) (1.22) - - (1,887.12)
Re-classified as held for sale - - (457.29) - - - - (457.29)
Other re-classifications 8.02 0.14 44.83 3.00 - - - 55.99
Exchange differences on consolidation (225.66) (474.25) (3,180.80) (23.48) (0.34) (0.02) (16.59) (3,921.14)
Cost /Deemed cost as at 16,545.43 11,141.07 93,461.77 543.43 351.68 0.69 1,349.53 1,23,393.60
March 31, 2017
Accumulated Impairment as at 302.36 250.67 2,323.42 3.91 0.40 - 18.13 2,898.89
April 1, 2016
Charge for the year 10.16 22.21 245.82 (0.10) (0.09) - - 278.00
Disposals - (0.01) (47.51) - - - - (47.52)
Other re-classifications (0.78) (0.02) (55.97 ) - - - - (56.77)
Exchange differences on consolidation (38.29) (23.12) (230.18) (0.14) (0.05) - (2.70) (294.48)
Accumulated impairment as at 273.45 249.73 1,980.46 3.67 0.26 - 15.43 2,523.00
March 31, 2017
Accumulated Depreciation as at 289.34 3,828.48 28,831.82 266.29 143.25 0.05 101.39 33,460.62
April 1, 2016
Charge for the year 108.39 432.02 4,698.62 91.55 34.07 0.26 51.24 5,416.15
Disposals - (83.59) (849.83) (4.03) (6.50) - - (943.95)
Disposal of group undertakings - (158.18) (1,122.48) (0.04) - - - (1,280.70)
Other re-classifications (0.02) (2.17) 29.97 (3.07) (0.02) - - 24.69
Exchange differences on consolidation (0.17) (318.42) (2,239.45) (18.12) 0.05 (0.02) (7.95) (2,584.08)
Accumulated depreciation as at 397.54 3,698.14 29,245.93 332.58 170.85 0.29 144.68 33,990.01
March 31, 2017
Net carrying value as at April 1, 2016 15,907.42 6,978.58 42,709.79 144.15 191.70 0.28 637.32 66,569.24
Net carrying value as at 15,874.44 7,193.20 62,235.38 207.18 180.57 0.40 1,189.42 86,880.59
March 31, 2017

CONSOLIDATED
3. PROPERTY, PLANT & EQUIPMENT (CONTD.)

(` crore)
Land Buildings Plant and Furniture, Vehicles Leased Railway Total
including Machinery Fixtures FFOE Sidings
roads and Office and
Equipments Vehicles
(FFOE)
Cost/Deemed cost as at April 1, 2015 16,151.73 10,247.30 68,583.15 387.39 307.02 0.17 699.66 96,376.42
Additions 163.61 451.56 3,077.50 44.45 34.04 0.15 38.35 3,809.66
Disposals (15.04) (80.75) (913.26) (13.38) (10.00) - - (1,032.43)
Re-classified as held for sale - - 21.77 - - - - 21.77
Other re-classifications (17.45) (26.87) 111.35 9.37 3.20 - 1.79 81.39
Exchange differences on consolidation 216.27 466.49 2,984.52 (13.48) 1.09 0.01 17.04 3,671.94
Cost/Deemed cost as at March 31, 2016 16,499.12 11,057.73 73,865.03 414.35 335.35 0.33 756.84 1,02,928.75
Accumulated Impairment as at 285.85 222.10 1,861.65 0.87 0.23 - 17.61 2,388.31
April 1, 2015
Charge for the year 4.50 8.44 314.01 3.66 1.18 - - 331.79
Disposals - (0.32) (0.94 ) (0.30) (1.02) - - (2.58)
Other re-classifications - (0.04) 117.67 (0.53) - - - 117.10
Exchange differences on consolidation 12.01 20.49 31.03 0.21 0.01 - 0.52 64.27
Accumulated impairment as at 302.36 250.67 2,323.42 3.91 0.40 - 18.13 2,898.89
March 31, 2016
Accumulated Depreciation as at 234.10 3,089.31 23,119.42 230.39 118.29 - 47.05 26,838.56
April 1, 2015
Charge for the year 55.18 491.57 4,540.02 65.20 31.35 0.05 51.07 5,234.44
Disposals - (41.42) (809.10) (10.52) (6.88) - - (867.92)
Re-classified as held for sale - - 0.72 - - - - 0.72
Other re-classifications - 1.09 1.04 0.48 0.06 - - 2.67
Exchange differences on consolidation 0.06 287.93 1,979.72 (19.26) 0.43 - 3.27 2,257.15
Accumulated depreciation as at 289.34 3,828.48 28,831.82 266.29 143.25 0.05 101.39 33,460.62
March 31, 2016
Net carrying value as at April 1, 2015 15,631.78 6,935.89 43,602.08 156.13 188.50 0.17 635.00 67,149.55
Net carrying value as at 15,907.42 6,978.58 42,709.79 144.15 191.70 0.28 637.32 66,569.24
March 31, 2016
(i) The net carrying value of land comprises of:

(` crore)
As at As at As at
Leasehold land
Cost/Deemed cost 26.84 46.49 43.30
25.62 45.47 43.23
Freehold land 15,848.82 15,861.95 15,588.55
15,874.44 15,907.42 15,631.78


(ii) The net carrying value of building comprises of:
(` crore)
As at As at As at
Leasehold building
Cost/Deemed cost 359.11 445.68 381.90
183.19 277.99 256.91
Freehold building 7,010.01 6,700.59 6,678.98
7,193.20 6,978.58 6,935.89
(iii) The net carrying value of plant and machinery comprises of:
(` crore)
As at As at As at
Assets held under finance leases
Cost/Deemed cost 4,286.06 3,619.98 3,399.17
Accumulated depreciation and impairment losses 2,066.55 2,025.94 1,895.58
2,219.51 1,594.04 1,503.59
Owned assets 60,015.87 41,115.75 42,098.49
62,235.38 42,709.79 43,602.08
(iv) The net carrying value of furniture, fixtures and office equipments comprises of:
(` crore)
As at As at As at
Furniture and fixtures
Cost/Deemed cost 142.38 140.72 154.93
40.50 50.33 59.37
Office equipments
Cost/Deemed cost 401.05 273.63 232.46
166.68 93.82 96.76
207.18 144.15 156.13
`284.22 crore (2015-16: `1,283.35 crore) of borrowing costs has been capitalised during the year on qualifying assets. The capitalisation
(v)
rate ranges between 0.34% to 9.50% (2015-16: 0.18% to 9.50%).
(vi) Rupee liability has increased by `136.22 crore (2015-16: `110.63 crore) arising out of realignment of the value of long-term foreign
currency loans and liabilities for procurement of property, plant and equipment. This increase has been adjusted against the carrying
cost of assets and has been depreciated over their remaining useful life. The depreciation for the current year is higher by `3.60 crore
(2015-16: `6.90 crore) on account of this adjustment.

CONSOLIDATED

(vii) With effect from April 1, 2016, the Company and some of its subsidiaries have revised the useful life of certain items of property, plant
and equipment based on technical evaluation on assessment of the physical condition of the underlying assets and benchmarking
with peers across the industry. Had there been no change in the useful life of assets, depreciation for the year would have been higher
by `653.44 crore.
(viii) During the year, the Group recognised an impairment charge of 503.46 crore (2015-16:1,909.74 crore) against property, plant and
equipment (including CWIP). The impairments were primarily contained in the European, South-east Asian and mining businesses.
Within the European business, consistent with annual test for impairment of goodwill as at March 31, 2017, property, plant and
equipment (including CWIP) were also tested for impairment as at that date where indicators of impairment existed. The outcome of
the test indicated that the value in use of certain CGUs within the European business against which the property, plant and equipment
(including CWIP) is included, using a discount rate of 7.80% (2015-16: 7.40%) was lower than its carrying value due to a significant
detoriation of trading conditions, which are expected to remain weak over the medium term. Accordingly, an impairment charge
of 410.87 crore (2015-16: 438.55 crore) was recognised which was contained in the following units : Strip Products MLE 79.04
crore (2015-16: Nil crore), Longs UK 35.13 crore (2015-16: 323.57 crore), Speciality and bar business 122.95 crore (2015-16:
24.02 crore), Packaging 79.04 crore (2015-16: 17.65 crore), tubes 17.56 (2015-16: 11.77 crore) and other smaller UK downstream
business 77.15 crore (2015-16: 61.54 crore).
Out of the total impairment recognised during the year, 148.37 crore has been included within exceptional items with the balance
being primarily included in profit and loss from discontinued operations.
Within the South East Asian business, impairment charge of 90.52 crore (2015-16: Nil) was recognised during the year which
primarily relates to the Thailand operations. The impairment relates to assets, which are not under operations and where the carrying
value exceeded the recoverable value based on fair of such assets. The fair value is based on interests expressed by potential unrelated
buyer for such assets. The impairment recognised has been included within exceptional items in the consolidated statement of profit
and loss.
During the year ended March 31, 2016, significant volatility in commodity prices triggered an impairment assessment for mining
operations carried out by the Group. This resulted in an impairment of 1,306.54 crore being recognised for mining operations carried
out by the Group in Canada. The recoverable value was based on value in use using cash flow projections for 16 years and a discount
rate of 8.30%. The impairment recognised has been included within exceptional items in the consolidated statement of profit and loss.
The balance impairment charge for the year ended March 31, 2017 amounting to 2.07 crore (2015-16: 164.65 crore) relates to other
small businesses within the Group.
The Group has conducted sensitivity analysis on the impairment tests of the carrying value of the Groups CGUs and property, plant
and equipment. The directors believe that no reasonably possible change in any of the key assumptions used in the value in use
calculations would cause the carrying value of property, plant and equipment in any CGU to materially exceed its value in use.
(ix) The details of property, plant and equipment pledged against borrowings are presented in Note 22, Page 300.

4. LEASES
The Group has taken land, buildings, plant and machinery under operating and finance leases. The following is the summary of future
minimum lease rental payments under non-cancellable operating leases and finance leases entered into by the Group:
A. Operating leases:
Significant leasing arrangements include lease of land for periods ranging between 12 to 99 years with renewal option, lease of office
spaces, assets dedicated for use under long term arrangements, and time charter hire vessels with lease period varying from 2 to 7
years. Payments under long term arrangements involving use of dedicated assets are allocated between those relating to the right
to use of assets, executory services and for output based on the underlying contractual terms and conditions. Any change in the
allocation assumptions may have an impact on lease assessment and/or lease classification. Payments linked to changes in inflation
index under lease arrangements have been considered as contingent rent and recognised in the consolidated statement of profit and
loss as and when incurred.
Future minimum rentals payable under non-cancellable operating leases are as below:
(` crore)
As at As at As at
Not later than one year 673.50 920.36 954.25
Later than one year but not later than five years 1,479.80 2,980.52 3,052.59
Later than five years 2,589.76 2,424.88 2,798.17
4,743.06 6,325.76 6,805.01
uring the year ended March 31, 2017, total operating lease rental recognised in the consolidated statement of profit and loss was
D
`949.62crore, (2015-16: `964.69 crore) including contingent rent of `37.07 crore (2015-16: `37.24 crore).

CONSOLIDATED
4. LEASES (CONTD.)

B. Finance leases:
Significant leasing arrangements include assets dedicated for use under long term arrangements. The arrangements covers a
substantial part of the economic life of the underlying asset and contain a renewal option on expiry. Payments under long term
arrangements involving use of dedicated assets are allocated between those relating to the right to use of assets, executory services
and for output based on the underlying contractual terms and conditions. Any change in the allocation assumptions may have an
impact on lease assessment and/or lease classification.
The minimum lease payments and the present value of minimum lease payments in respect of arrangements classified as finance
leases are as below:
(` crore)
Minimum Present value Minimum Present value Minimum Present value
Lease of minimum Lease of minimum Lease of minimum
payments lease payments lease payments lease
payments payments payments
Not later than one year 592.56 218.27 555.42 242.54 515.00 203.26
Later than one year but not later than
five years 2,019.93 758.36 1,788.86 754.79 1,704.83 660.60
Later than five years 4,739.86 2,068.83 3,945.33 1,742.87 4,148.49 1,769.86
Total future minimum lease
7,352.35 3,045.46 6,289.61 2,740.20 6,368.32 2,633.72
commitments
Less: future finance charges 4,306.89 3,549.41 3,734.60
Present value of minimum lease
payments 3,045.46 2,740.20 2,633.72
Disclosed as:
Non-current borrowings
(Refer Note 22, Page 300) 2,826.83 2,513.62 2,438.62
Other financial liabilities -
Current (Refer Note 23, Page 303) 218.63 226.58 195.10
3,045.46 2,740.20 2,633.72
5. GOODWILL ON CONSOLIDATION
[Item No. I(c) Page 252]
(` crore)
As at As at
March 31, 2017 March 31, 2016
Cost as at beginning of the year 5,529.07 5,380.28
Exchange differences on consolidation (788.77) 148.79
Cost as at end of the year 4,740.30 5,529.07
Impairment as at beginning of year 1,461.51 1,419.43
Exchange differences on consolidation (215.94) 42.08
Impairment as at end of the year 1,245.57 1,461.51
Net carrying value as at beginning of the year 4,067.56 3,960.85
Net carrying value as at end of the year 3,494.73 4,067.56

5. GOODWILL ON CONSOLIDATION (CONTD.)

[Item No. I(c) Page 252]
The carrying value predominantly relates to the goodwill that are those regarding expected changes to selling prices and raw
arose on the acquisition of erstwhile Corus Group Plc. and has been material costs, EU steel demand, exchange rates and a discount
tested against the recoverable amount of Strip Products Mainland rate of 7.8% (March 31, 2016: 7.4%, April 1, 2015: 8.0%). Changes
Europe cash generating unit (CGU) by the Tata Steel Europe, a in selling prices, raw material costs, exchange rates and EU steel
wholly owned subsidiary of the Tata Steel Group. This goodwill demand are based on expectations of future changes in the steel
relates to expected synergies from combining Corus activities with market based on external market sources. A nil growth rate is used
those of the Group and to assets, which could not be recognised to extrapolate the cash flow projections beyond the three-year
as separately identifiable intangible assets. The goodwill is tested period of the financial budgets to 15 years The pre-tax discount
annually for impairment more frequently if there are any indications rate is derived from the Tata Steel Europe (TSE) weighted average
that the goodwill may be impaired. cost of capital (WACC) and the WACCs of its main European steel
competitors. The outcome of the Groups goodwill impairment test
The recoverable amount of Strip Products Mainland Europe
as at March 31, 2017 for the Strip Products Mainland Europe CGU
CGU has been determined from a value in use calculation. The
resulted in no impairment of goodwill (March 31, 2016: Nil).
calculation uses cash flow forecasts based on the most recently
approved financial budgets and strategic forecasts which cover The directors believe that no reasonably possible change in any of
a period of three years and future projections taking the analysis the key assumptions used in the value in use calculation would cause
out to 15 years. Key assumptions for the value in use calculation the carrying value of the CGU to materially exceed its value in use.
6. OTHER INTANGIBLE ASSETS

[Item No. I(d), Page 252]
(` crore)
Patents Development Software Mining Other Total
and costs costs assets intangible
Trademarks assets
Cost/Deemed cost as at April 1, 2016 9.27 488.08 314.85 2,204.28 2,634.23 5,650.71
Additions 0.08 35.23 141.81 800.46 1.22 978.80
Disposals - (257.13) (14.56) - (2,346.10) (2,617.79)
Disposal of group undertakings (0.40) (0.68) (5.12) - - (6.20)
Other re-classifications - - (1.78) (609.35) - (611.13)
Exchange differences on consolidation 1.21 (26.28) (9.91) 4.06 (195.41) (226.33)
Cost/Deemed cost as at March 31, 2017 10.16 239.22 425.29 2,399.45 93.94 3,168.06
Accumulated impairment as at April 1, 2016 - - 0.50 124.45 1,401.79 1,526.74
Charge for the year - - 0.20 1.13 - 1.33
Disposals - - - - (1,265.72) (1,265.72)
Other re-classifications - - (0.21) - - (0.21)
Exchange differences on consolidation - - (0.07) (3.01) (105.42) (108.50)
Accumulated impairment as at March 31, 2017 - - 0.42 122.57 30.65 153.64
Accumulated amortisation as at April 1, 2016 5.97 390.73 213.24 758.55 1,192.52 2,561.01
Charge for the year 0.71 45.43 47.40 188.31 4.56 286.41
Disposals - (257.13) (14.52) - (1,080.39) (1,352.04)
Disposal of group undertakings (0.40) (0.68) (1.66) - - (2.74)
Other re-classifications - - (1.47) - - (1.47)
Exchange differences on consolidation 1.43 (19.06) (1.63) 1.26 (89.98) (107.98)
Accumulated amortisation as at 7.71 159.29 241.36 948.12 26.71 1,383.19
March 31, 2017
Net carrying value as at April 1, 2016 3.30 97.35 101.11 1,321.28 39.92 1,562.96
Net carrying value as at March 31, 2017 2.45 79.93 183.51 1,328.76 36.58 1,631.23

CONSOLIDATED
6. OTHER INTANGIBLE ASSETS (CONTD.)

[Item No. I(d), Page 252]
(` crore)
Patents Development Software Mining Other Total
and costs costs assets intangible
Trademarks assets
Cost/Deemed cost as at April 1, 2015 4.99 397.03 275.70 3,440.28 2,558.80 6,676.80
Additions 0.06 42.60 35.27 1,482.37 0.03 1,560.33
Disposals (0.19) - (8.75) (6.46) - (15.40)
Other re-classifications - - 0.48 (2,779.02) 2.74 (2,775.80)
Exchange differences on consolidation 4.41 48.45 12.15 67.11 72.66 204.78
Cost/Deemed cost as at March 31, 2016 9.27 488.08 314.85 2,204.28 2,634.23 5,650.71
Accumulated impairment as at April 1, 2015 - - 0.02 - 1,364.38 1,364.40
Charge for the year - - 0.50 126.07 - 126.57
Reversals during the year - - (0.01) - (1.79) (1.80)
Exchange differences on consolidation - - (0.01) (1.62) 39.20 37.57
Accumulated impairment as at March 31, 2016 - - 0.50 124.45 1,401.79 1,526.74
Accumulated amortisation as at April 1, 2015 1.45 307.25 179.91 683.85 1,152.78 2,325.24
Additions through business combinations - - - - - -
Charge for the period 0.49 45.37 34.09 78.31 6.29 164.55
Disposals - - (8.68) (2.68) - (11.36)
Exchange differences on consolidation 4.03 38.11 7.92 (0.93) 33.45 82.58
Accumulated amortisation as at 5.97 390.73 213.24 758.55 1,192.52 2,561.01
March 31, 2016
Net carrying value as at April 1, 2015 3.54 89.78 95.77 2,756.43 41.64 2,987.16
Net carrying value as at March 31, 2016 3.30 97.35 101.11 1,321.28 39.92 1,562.96
(i) Mining assets represent expenditure incurred in relation to acquisition of mines, mine development expenditure post establishment
of technical and commercial feasibility and restoration obligations as per applicable regulations.
(ii) During the year, the Group recognised an impairment charge of 1.13 crore (2015-16: 35.92 crore) which was contained within India
operations and related to expenditures incurred in connection with mines which are not being currently operated by the Group.
During the year ended March 31, 2016 significant volatility in commodity prices triggered an impairment assessment for mining
operations carried out by the Group. This resulted in an impairment of 90.15 crore being recognised for mining operations carried
out by the Group in Canada. The details of key assumptions used for impairment assessment are included in Note 3, Page 271.

7. EQUITY ACCOUNTED INVESTMENTS

[Item No. I(f ), Page 252]
(a) Associates:
(i) The Group has no material associates as at March 31, 2017. The aggregate summarised financial information in respect of the Groups
immaterial associates that are accounted for using the equity method is as below:
(` crore)
As at As at As at
Carrying value of the Groups interest in associates* 231.62 220.74 225.48

March 31, 2017 March 31, 2016
Groups share of profit/(loss) in associates* 44.00 11.49
Groups share of other comprehensive income in associates (5.02) (0.30)
Groups share of total comprehensive income in associates 38.98 11.19
(ii) Fair value of investments in equity accounted associates for which published price quotation is available, which is a level 1 input,
was `130.35 crore (March 31, 2016: `136.30 crore and April 1, 2015: `167.23 crore). The carrying value of such investments is Nil
(March 31, 2016: Nil; April 1, 2015: `22.71 crore) as the Groups share in net assets of such associates exceeds the cost of investments made.
(iii) Share of unrecognised loss in respect of equity accounted associates amounted to `105.17 crore for the year ended March 31, 2017
(2015-16: `59.53 crore). Cumulative shares of unrecognised losses in respect of equity accounted associates as at March 31, 2017
amounted to `209.08 crore. (March 31, 2016: `108.84 crore; April 1, 2015: `45.96 crore)
(iv) The Group did not recognise any impairment in respect of its equity accounted associates during the current year as well as in previous
year.
(b) Joint ventures:

(i) The Company holds 51% of the total equity share capital and voting rights in T M International Logistics Limited, Jamshedpur
Continuous Annealing and Processing Company Private Limited and T M Mining Company Limited. The decisions in respect of
activities which significantly affect the risks and rewards of these respective entities, however require an unanimous consent of all the
shareholders. These entities have therefore been accounted for as joint ventures.
(ii) The Group has no material joint ventures as at March 31, 2017. The aggregate summarised financial information in respect of the
Groups immaterial joint ventures that are accounted for using the equity method is as below:
(` crore)
As at As at As at
Carrying value of the Groups interest in joint ventures* 1,362.06 1,399.67 1,494.13
(` crore)
March 31, 2017 March 31, 2016
Groups share of profit/(loss) in joint ventures* (36.35) (121.91)
Groups share of other comprehensive income in joint ventures 6.22 27.71
Groups share of total comprehensive income in joint ventures (30.13) (94.20)
(iii) Share of unrecognised losses in respect of equity accounted joint ventures amounted to `26.12 crore for the year ended March 31,
2017 (2015-16: `288.63 crore). Cumulative shares of unrecognised losses in respect of equity accounted joint ventures as at March 31,
2017 amounted to `974.32 crore. (March 31, 2016: `1,309.89 crore; April 1, 2015: `962.65 crore).
(iv) The Group did not recognise any impairment in respect of its equity accounted joint ventures during the current year as well as in
previous year.

CONSOLIDATED
7. EQUITY ACCOUNTED INVESTMENTS (CONTD.)

[Item No. I(f ), Page 252]
(c) Summary of carrying value of the Groups interest in equity accounted investees:
(` crore)
As at As at As at
Carrying value in immaterial associates 231.62 220.74 225.48
Carrying value in immaterial joint ventures 1,362.06 1,399.67 1,494.13
1,593.68 1,620.41 1,719.61
(d) Summary of Groups share of profit/(loss) in equity accounted investees:

(` crore)
March 31, 2017 March 31, 2016
Share of profit/(loss) in immaterial associates 44.00 11.49
Share of profit/(loss) in immaterial joint ventures (36.35) (121.91)
7.65 (110.42)
(e) Summary of Groups share of other comprehensive income in equity accounted investees:
(` crore)
March 31, 2017 March 31, 2016
Share of other comprehensive income in immaterial associates (5.02) (0.30)
Share of other comprehensive income of immaterial joint venture 6.22 27.72
1.20 27.42
* Groups share of net assets and profit/(loss) of equity accounted investees has been determined after giving effect for subsequent
amortisation/depreciation and other adjustments arising on account of fair value adjustments made to the identifiable net assets of the
equity accounted investee as at the date of acquisition and other adjustments (e.g. unrealised profits on inventories), arising under the
equity method of accounting.

8. INVESTMENTS
[Item No. I(g)(i) and II(b)(i), Page 252]
(A) NON-CURRENT
(` crore)
As at As at As at
(a) Investment carried at amortised cost:
Investments in Government or Trust securities 0.02 0.02 0.02
Investments in Bonds and Debentures 49.91 34.16 0.20
49.93 34.18 0.22
(b) Investments carried at fair value through other comprehensive
income:
Investments in Equity shares 4,858.82 4,015.45 10,770.14
4,858.82 4,015.45 10,770.14
(c) Investments carried at fair value through the consolidated
statement of profit and loss:
Investments in Bonds and Debentures 244.72 345.43 361.41
Investments in Equity shares 36.84 34.69 27.00
281.56 380.12 388.41
5,190.31 4,429.75 11,158.77
(B) CURRENT
(` crore)
As at As at As at
Investments carried at fair value through the consolidated statement
of profit and loss:
Investments in mutual funds 5,673.13 4,663.55 1,214.60
5,673.13 4,663.55 1,214.60
(i) The carrying value and market value of quoted and unquoted investments is as follows:
(` crore)
As at As at As at
(a) Quoted
Carrying value 4,735.28 3,989.50 10,692.48
Market value 4,735.28 3,989.50 10,692.48
(b) Unquoted#
Carrying value 6,128.16 5,103.80 1,680.89
# Costs of unquoted equity instruments has been considered as an appropriate estimate of fair value because of a wide range of possible
fair value measurements and cost represents the best estimate of fair value within that range.

CONSOLIDATED
9. LOANS
[Item No. I(g)(ii) and II(b)(v), Page 252]
A. NON-CURRENT
(` crore)
As at As at As at
197.25 188.51 124.16
13.53 15.29 8.78
(c) Other loans
Unsecured, considered doubtful 1,201.47 83.72 80.53
Less: Allowance for credit losses 1,201.47 83.72 80.53
162.28 208.43 157.15
373.06 412.23 290.09
B. CURRENT
(` crore)
As at As at As at
Unsecured, considered doubtful 0.23 - -
Less: Allowance for credit losses 0.23 - -
34.77 27.84 33.59
Unsecured, considered good - - 62.29
- - 62.29
(c) Other loans
189.73 179.58 119.64
224.50 207.42 215.52
(i) Non-current security deposits include deposit with Tata Sons `1.25 crore (March 31, 2016: `1.25 crore; April 1, 2015: `1.25 crore).
(ii) Non-current loans to related parties represent loans given to joint ventures `172.76 crore (March 31, 2016: `202.35; April 1, 2015:
`194.14 crore) and associates `9.55 crore (March 31, 2016: `11.22; April 1, 2015: `5.40 crore).
(iii) Current loans to related parties represent loans given to joint ventures `778.83 crore (March 31, 2016: `795.62; April 1, 2015: ` 711.61
crore) and associates Nil (March 31, 2016: Nil; April 1, 2015: `62.29 crore).
(iv) There are no outstanding debts from directors or other officers of the Company.

10. OTHER FINANCIAL ASSETS

[Item No. I(g)(iv) and II(b)(vii), Page 252]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Interest accrued on deposits, loans and advances
Unsecured, considered doubtful 0.27 0.27 -
Less: Allowance for credit losses 0.27 0.27 -
2.43 2.79 6.74
(b) Earmarked balances with bank 40.87 36.14 41.46
(c) Other balances with banks 12.67 2.11 1.04
(d) Other financial assets

Unsecured, considered good 29.61 - 21.27
Unsecured, considered doubtful 117.42 - 37.50
Less: Allowance for credit losses 117.42 - 37.50
29.61 - 21.27
85.58 41.04 70.51
B. CURRENT
(` crore)
As at As at As at
60.57 18.05 26.53
(b) Other financial assets
327.25 223.25 325.14
387.82 241.30 351.67
(i) Earmarked balances with bank represent fixed deposits placed as security with government bodies and margin money against issue
of bank guarantees.
(ii) Other balances with banks, represent bank deposits not due for realisation within 12 months from the balance sheet date.
(iii) Non-current other financial assets include:
(a) advance against equity for purchase of shares in joint ventures Nil (March 31, 2016: Nil; April 1, 2015: `21.27 crore).
(b)
advance for repurchase of equity shares in Tata Teleservices Limited (TTSL) from NTT Docomo Inc, `144.07 crore
(March 31, 2016: Nil; April 1, 2015: Nil).
(iv) Current other financial assets include amount receivable from post-employment benefit fund `247.04 crore (March 31, 2016: `97.61
crore; April 1, 2015: `154.34 crore) on account of retirement benefit obligations paid by the Group.

CONSOLIDATED
11. RETIREMENT BENEFIT ASSETS AND OBLIGATIONS

[Item No. I(h), V(c) and VI(c) Pages 252 and 253]
(I) RETIREMENT BENEFIT ASSETS
A. NON-CURRENT
(` crore)
As at As at As at
(a) Pension 1,752.14 11,476.77 1,330.50
(b) Retiring gratuities 0.50 0.67 0.13
1,752.64 11,477.44 1,330.63
(II) RETIREMENT BENEFIT OBLIGATIONS

A. NON-CURRENT
(` crore)
As at As at As at
(a) Pension 1,005.03 1,500.29 1,562.91
(b) Retiring gratuities 233.05 179.50 575.84
(c) Post-retirement medical benefits 1,201.83 1,043.51 1,018.59
(d) Other defined benefits 226.36 206.18 196.03
2,666.27 2,929.48 3,353.37
B. CURRENT
(` crore)
As at As at As at
(a) Pension 26.43 40.95 47.74
(b) Retiring gratuities 3.29 - -
(c) Post-retirement medical benefits 54.80 53.98 48.59
(d) Other defined benefits 10.68 16.15 13.98
95.20 111.08 110.31
(i) Detailed disclosure in respect post retirement defined benefit schemes is provided in Note 38, Page 312.

12. INCOME TAXES

[Item No. I(j) and V(e), Pages 252 and 253]
A. INCOME TAX EXPENSES/(BENEFITS)

The Company is subject to income tax in India on the basis of standalone financial statements. As per the Income Tax Act, the Company is
liable to pay income tax which is the higher of regular income tax payable or the amount payable based on the provisions applicable for
Minimum Alternate Tax (MAT).
MAT paid in excess of regular income tax during a year can be carried forward for a period of 15 years and can be offset against future tax
liabilities.
Companies can claim for tax exemptions/deductions under specific section subject to fulfilment of prescribed conditions as may be
applicable. The effective tax rate of the Company was lower as a result of tax deduction claimed by the Company on account of investment
allowance on capital expenditure, expenditure on research and development etc.
Business loss can be carried forward for a maximum period of eight assessment years immediately succeeding the assessment year to which
the loss pertains. Unabsorbed depreciation can be carried forward for an indefinite period.
Apart from India, the major tax jurisdiction of the Group include Singapore, Thailand, United Kingdom and Netherlands. The number
of years that are subject to tax assessments varies depending on tax jurisdiction.
The reconciliation of estimated income tax to income tax expense is as below:
(` crore)
March 31, 2017 March 31, 2016
Profit/(loss) before tax 2,473.63 2,732.75
Income tax expense at applicable tax rates applicable to individual entities 469.36 (1,518.60)
(a) Tax on income at different rates (32.01) (2.29)
(b) Additional tax benefit for capital investment including research & development (131.65) (66.75)
expenditures
(c) Items not deductible/income exempt from tax 1,292.55 2,686.45
(d) Undistributed earning of subsidiaries, joint ventures and equity accounted 8.26 5.35
investees
(e) Deferred tax assets not recognised because realisation is not probable 1,774.16 884.18
(f ) Adjustments to current tax in respect of prior periods (11.86) (29.07)
(g) Utilisation/credit of unrecognised tax losses unabsorbed depreciation and other tax (590.80) (1,269.31)
benefits
Tax expense as reported 2,778.01 689.96

CONSOLIDATED
12. INCOME TAXES (CONTD.)

B. DEFERRED TAX ASSETS/(LIABILITIES)
(a) Components of deferred tax assets and liabilities as at March 31, 2017 is as below:
(` crore)
Balance Recognised/ Recognised Recognised Disposal Other Exchange Balance as
as at (reversed in in Other in equity of group reclassifications differences on at March
April 1, 2016 profit or loss comprehensive undertakings consolidation 31, 2017
Income
Deferred tax assets /
(liabilities)
Tax-loss carry forwards 2,477.63 (1,290.76) - - - 0.24 (177.91) 1,009.20
Provisions 1,670.47 513.19 - - - (3.39) (28.47) 2,151.80
MAT credit entitlement 275.81 1,243.92 - - - (6.43) - 1,513.30
Others 22.37 52.15 (0.25) - - - (0.90) 73.37
4,446.28 518.50 (0.25) - - (9.58) (207.28) 4,747.67
Deferred tax liabilities /
(assets)
Property plant and 10,771.67 2,386.98 - (10.84) - - 34.96 13,182.77
equipment
Intangible assets 28.12 29.01 - - - - 8.61 65.74
Retirement benefit assets/ 1,808.61 (848.36) (703.84) - 15.51 - (181.52) 90.40
liabilities
Trade and other 501.29 165.06 0.46 - - - (83.11) 583.70
receivables
Others 130.03 (177.88) 13.82 - 5.31 7.77 (9.78) (30.73)
13,239.72 1,554.81 (689.56) (10.84) 20.82 7.77 (230.84) 13,891.88
Net Deferred tax assets/ (8,793.44) (1,036.31) 689.31 10.84 (20.82) (17.35) 23.56 (9,144.21)
(liabilities)
Disclosed as :
Deferred tax assets 627.45 885.87
Deferred tax liabilities 9,420.89 10,030.08
(8,793.44) (9,144.21)

12. INCOME TAXES (CONTD.)

Components of deferred tax assets and liabilities as at March 31, 2016 is as below:
(` crore)
Balance Recognised/ Recognised Recognised Disposal Other Exchange Balance
as at (reversed in in Other in equity of group reclassifications differences on as at
April 1, 2015 profit or loss comprehensive undertakings consolidation March
Income 31, 2016
Deferred tax assets /
(liabilities)
Tax-loss carry forwards 1,618.94 772.01 - - - (32.94) 119.62 2,477.63
Retirement benefit assets/ 6.29 (1,530.90) (337.71) - - - 53.71 (1,808.61)
liabilities
Provisions 1,317.24 406.17 - - - (56.78) 3.84 1,670.47
MAT credit entitlement 117.21 152.17 - - - 6.43 - 275.81
Others 22.10 (6.62) (0.32) - - - - 15.16
3,081.78 (207.17) (338.03) - - (83.29) 177.17 2,630.46
Deferred tax liabilities /
(assets)
Property plant and 11,504.33 (795.92) - (15.89) - (0.47) 79.62 10,771.67
equipment
Intangible assets 81.67 (55.95) - - 3.13 - (0.73) 28.12
Trade and other receivables 364.05 128.34 - - - - 8.90 501.29
Others 257.24 (114.70) (77.01) - (3.13) 25.59 34.83 122.82
12,207.29 (838.23) (77.01) (15.89) - 25.12 122.62 11,423.90
Net Deferred tax assets/ (9,125.51) 631.06 (261.02) 15.89 - (108.41) 54.55 (8,793.44)
(liabilities)
Disclosed as :
Deferred tax assets 812.20 627.45
Deferred tax liabilities 9,937.71 9,420.89
(9,125.51) (8,793.44)
(b) Deferred tax assets have not been recognised in respect of tax losses of `48,041.91 crore (March 31, 2016: `56,541.95 crore; April 1,
2015: `50,811.34 crore) as its recovery is not considered probable in the foreseable future. These losses primarily relate to the Groups
European operations.
(c) Unrecognised tax losses in respect of which deferred tax asset have not been recognised expire unutilised based on the year of
origination as below:
(` crore)
As at
March 31, 2017
Not later than one year 66.21
Later than one year but less than five years 5,424.09
Later than five years but less than ten years 2,837.78
Later than ten years but less than twenty years 30.61
No expiry 39,683.22
48,041.91
(d) Deferred tax assets have also not been recognised in respect of deductible temporary differences and unused tax credits of `6,867.53
crore (March 31,2016: `2,660.87 crore; April 1, 2015: `2,532.38 crore) which do not carry an expiry date.
(e) At the end of the reporting period, the aggregate amount of temporary differences associated with undistributed earnings of
subsidiaries, joint ventures and associates for which deferred tax liabilities have not been recognised is `10,228.02 crore (March 31,
2016: `9,883.61crore and April 1, 2015: `8,691.82 crore). No liability has been recognised in respect of these differences because the
Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will
not reverse in the foreseeable future.

CONSOLIDATED
13. OTHER ASSETS

[Item No. I(k) and II(d), Page 252]
A. NON-CURRENT
(` crore)
As at As at As at
Unsecured, considered good 618.16 835.18 1,052.50
618.16 835.18 1,052.50
1,804.44 1,880.84 1,353.79
(d) Capital advances to related parties

(e) Other assets

294.15 264.51 228.70
3,674.96 3,842.23 3,354.43

13. OTHER ASSETS (CONTD.)

[Item No. I(k) and II(d), Page 252]
B. CURRENT
(` crore)
As at As at As at
Unsecured, considered good 0.55 0.34 -

1,394.09 1,316.66 1,198.29
(d) Advances to related parties

(e) Other assets

794.01 704.92 758.21
2,194.38 2,027.87 1,958.06
(i) Advance with public bodies primarily relate to duty credit entitlements and amounts paid under protest in respect of demands from
regulatory authorities.
(ii) Prepaid lease payments relate to land leases classified as operating in nature as the title is not expected to transfer at the end of the lease
term and considering that land has an indefinite economic life.
(iii) Other assets include advances against supply of goods and services and advances paid to employees.
14. INVENTORIES
[Item No. II(a), Page 252]
(` crore)
As at As at As at
(a) Raw materials 8,020.23 5,152.94 7,901.33
(b) Work-in-progress 4,378.75 4,301.09 4,652.24
(c) Finished and semi-finished goods 9,045.31 7,252.49 8,440.88
(d) Stock-in-trade 139.91 100.32 391.31
(e) Stores and spares 3,219.62 3,206.49 3,207.60
24,803.82 20,013.33 24,593.36
Included above, goods-in-transit:
(i) Raw materials 650.30 382.42 1,418.68
(ii) Finished and semi-finished goods 138.55 30.29 210.56
(iii) Stock-in-trade 97.09 65.31 23.85
(iv) Stores and spares 142.85 160.70 151.31
1,028.79 638.72 1,804.40
(i) The value of inventories above is stated after impairment of `565.11 crore (March 31, 2016: `1,164.56 crore; April 1, 2015: `1,037.84
crore) for write-down to net realisable value and provision for slow moving and obsolete item.

CONSOLIDATED
15. TRADE RECEIVABLES

(` crore)
As at As at As at
(a) Unsecured considered good 11,586.82 12,066.22 13,579.77
(b) Unsecured considered doubtful 226.86 319.95 249.17
11,813.68 12,386.17 13,828.94
11,586.82 12,066.22 13,579.77
In determining the allowances for credit losses of trade receivables, the Group has used a practical expedient by computing the expected
credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss
experience and is adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the receivables
that are due and rates used in the provision matrix.
(i) Movements in allowance for credit losses of receivables is as below:
(` crore)
March 31, 2017 March 31, 2016
Change in consolidated statement of profit and loss 26.60 83.01
Utilised during the period (42.44) (7.44)
Disposal of group undertakings (38.58) -
Reclassified to assets held for sale (1.09) -
Exchange differences in consolidation (37.58) (4.79)
(ii) Ageing of trade receivables and credit risk arising there from is as below :
(` crore)
Gross credit risk Subject to credit Impairment Net credit risk
insurance cover provision
Amounts not yet due 10,643.96 6,737.16 1.11 3,905.69
One month overdue 471.47 211.79 0.37 259.31
Two months overdue 113.74 73.66 0.02 40.06
Three months overdue 77.79 22.14 2.81 52.84
Between three to six months overdue 126.21 53.20 13.85 59.16
Greater than six months overdue 380.51 72.18 208.70 99.63
11,813.68 7,170.13 226.86 4,416.69
(` crore)
One month overdue 1,100.36 806.33 0.79 293.24
12,386.17 8,096.98 319.95 3,969.24

15. TRADE RECEIVABLES (CONTD.)

(` crore)
As at April 1, 2015
One month overdue 796.91 544.05 1.91 250.95
13,828.94 9,246.43 249.17 4,333.34
(iii) The Group considers its maximum exposure to credit risk with respect to customers as at March 31, 2017 to be `4,416.69 crore
(March 31, 2016: `3,969.24 crore; April 1, 2015: `4,333.34 crore), which is the fair value of trade receivables (after allowance for
credit losses). The Groups exposure to customers is diversified and there is no concentration of credit risk with respect to any
particular customer.
(iv) There are no outstanding receivable due from directors or officers of the respective entities.
16. CASH AND CASH EQUIVALENTS

[Item No. II(b)(iii), Page 252]
(` crore)
As at As at As at
(a) Cash in hand 0.80 0.75 1.38
(b) Cheques, drafts on hand 29.44 34.29 54.10
(c) Remittance in-transits 59.27 4.49 4.45
(d) Unrestricted balances with banks 4,742.78 6,069.52 8,117.20
4,832.29 6,109.05 8,177.13
Currency profile of cash and cash equivalents is as below:
(` crore)
As at As at As at
INR 1,444.16 1,284.70 792.95
GBP 614.63 (144.85) 1,435.60
EURO (70.44) 2,002.92 1,300.29
USD 2,037.50 2,546.22 4,209.67
Others 806.44 420.06 438.62
Total 4,832.29 6,109.05 8,177.13
INR-Indian rupees, GBP- Great Britain Pound, USD-United states dollars.

(i) Others primarily include SGD-Singapore dollars, CAD- Canadian dollars and THB-Thai Baht.

CONSOLIDATED
17. OTHER BALANCES WITH BANK

[Item No. II(b)(iv), Page 252]
(` crore)
As at As at As at
Earmarked balances with bank 88.76 77.29 71.34
88.76 77.29 71.34
(a) Currency profile of Earmarked balances is as below:
(` crore)
As at As at As at
INR 74.16 70.43 64.36
USD 14.60 - -
Others - 6.86 6.98
Total 88.76 77.29 71.34
INR-Indian rupees, GBP- Great Britain Pound, USD-United States dollars.
(i) Others primarily include SGD-Singapore dollars, CAD-Canadian dollars and THB-Thai Baht.
(b) Earmarked balances with bank represents balances held for unpaid dividends, margin money against issue of bank guarantees and
deposits made against contract performance.
(c) In accordance with the MCA notification G.S.R. 308(E) dated March 30, 2017, details of Specified Bank Notes (SBN) and Other
Denomination Notes (ODN) held and transacted during the period from November 8, 2016 to December 30, 2016, are given below:
(` )
SBNs ODNs Total
Closing cash in hand as on November 8, 2016 54,93,500 15,07,262 70,00,762
Add: Unpermitted receipts 1,15,20,000 - 1,15,20,000
Add: Permitted receipts 23,36,000 7,81,04,948 8,04,40,948
Less: Unpermitted payments 70,000 - 70,000
Less: Permitted payments - 1,23,92,544 1,23,92,544
Less: Amounts deposited in Banks 1,89,80,000 6,21,24,540 8,11,04,540
Closing cash in hand as on December 30, 2016 2,99,500 50,95,126 53,94,626
(i) Unpermitted receipts include:

1. Company hospital receipts `1,06,21,500 which includes receipts at Tata Main Hospital, Jamshedpur of `1,04,34,000. Since
Tata Main Hospital is the only hospital equipped with modern facilities and super-speciality services in the region, on
advice from the district administration, specified notes were accepted.
2. Refund of advances by employees & internal departments `74,500.
3. Canteen receipts of `5,90,500 are primarily received from Contractors employees.
4. Refund of advance by Steel Welfare Workers Society `2,33,500.
(ii) Unpermitted payments represents amount collected by Companys employees and exchanged for new notes against their
individual Permanent Account Number.

18. ASSETS AND LIABILITIES HELD FOR SALE

[Item No. III and VII, Pages 252 and 253]
(a) On May 1, 2017, the Groups wholly owned subsidiary Tata Steel UK Limited completed the sale of its speciality steels business. As at
March 31, 2017, the Speciality Steels business has been classified as a disposal group held for sale. Following this classification, a write
down of 181.32 crore was recognised to reduce the carrying value of the assets in the disposal group to their fair value less costs to
sell. The impairment charge has been included within profit/loss of discontinued operations in the consolidated statement of profit
and loss.
The major classes of assets and liabilities held for sale as on the respective reporting dates is as below:
(` crore)
As at As at As at
Assets classified as held for sale:
Property, Plant and Equipment - 21.05 -
Equity accounted investments - 5.06 145.42
Inventories 778.12 - -
Trade receivables 292.50 - -
Cash and bank balances 1.03 - -
Other financial assets 2.78 - -
1,074.43 26.11 145.42
Less: Write down to fair value less costs to sell (181.32) - -
893.11 26.11 145.42
Liabilities classified as held for sale:
Non-current financial liabilities 8.89 - -
Provisions 10.03 - -
Other Non-current liabilities 0.01 - -
Trade payables 228.51 - -
Other financial liabilities 2.49 - -
Short term provisions 27.16 - -
Current tax liabilities 0.46 - -
Other Current liabilities 12.21 - -
289.76 - -
(b) s at March 31, 2017, the Group has also reclassified certain assets with carrying value of 98.31 crore pertaining to the South
A
East Asian operations as held for sale since it expects to recover the carrying value principally through sale and is in the process of
identifying a prospective buyer. The Group expects to complete the sale within a period of one year from the reporting date. The
Group has recognised an impairment loss of 90.48 crore on reclassification of such items as held for sale which is included within
the exceptional items in the consolidated statement of profit and loss.
(c) As at March 31, 2016, assets classified as held for sale relates to certain items of plant and machinery relating to European operations.
(d) On May 6, 2015, the Groups wholly owned subsidiary Tata Steel Nederland Consulting and Technical Services B.V. completed
the sale of its 50% interest in Danieli Corus Technical Services B.V. to Industrielle Beteiligung S.A. (the other 50% shareholder) for
proceeds of 167.47 crore, of which 49.26 crore is related to deferred consideration. Prior to the classification as held for sale,
the Groups interest in Danieli Corus Technical Services B.V. was accounted for as an equity investment with a carrying value of
174.97 crore. On classification as held for sale at March 31, 2015, the Group has recognised an impairment charge of 29.55 crore to
write down the carrying value of the equity investment to the fair value less costs to sell. On completion the Group has recognised a
profit on disposal of 25.01 crore, including foreign exchange recycled to the consolidated statement of profit and loss. This has been
included within exceptional items in the consolidated statement of profit and loss for the year ended March 31, 2016.

CONSOLIDATED
19. EQUITY SHARE CAPITAL

[Item No. IV(a), Page 253]
(` crore)
As at As at As at
Authorised:
1,75,00,00,000 Ordinary Shares of `10 each 1,750.00 1,750.00 1,750.00
(March 31, 2016: 1,75,00,00,000 Ordinary Shares of `10
each)
(April 1, 2015: 1,75,00,00,000 Ordinary Shares of `10 each)
35,00,00,000 "A" Ordinary Shares of `10 each 350.00 350.00 350.00
(March 31, 2016: 35,00,00,000 "A" Ordinary Shares of `10
each)
(April 1, 2015: 35,00,00,000 A Ordinary Shares of
`10 each)
2,50,00,000 Cumulative Redeemable Preference Shares of `100 each 250.00 250.00 250.00
60,00,00,000 Cumulative Convertible Preference Shares of `100 each 6,000.00 6,000.00 6,000.00
8,350.00 8,350.00 8,350.00
Issued:
97,21,26,020 Ordinary Shares of `10 each 972.13 972.13 972.13
(March 31, 2016: 97,21,26,020 Ordinary Shares of `10
each)
Subscribed and Paid up:
97,00,47,046 Ordinary Shares of `10 each fully paid up 970.04 970.04 971.21
(March 31, 2016: 97,00,47,046 Ordinary Shares of `10
each)
Amount paid up on 3,89,516 Ordinary Shares forfeited 0.20 0.20 0.20
(March 31, 2016: 3,89,516 Shares of `10 each)
(April 1, 2015: 3,89,516 Shares of `10 each)
970.24 970.24 971.41
(a) S ubscribed and paid up capital excludes 11,68,393 Ordinary shares (March 31, 2016: 11,68,393 ordinary shares and April 1, 2015:
Nil) held by a wholly owned subsidiary.
(b) The movement in subscribed and paid up share capital is as below:
As at As at
March 31, 2017 March 31, 2016
No. of shares ` crore No. of shares ` crore
Ordinary shares of `10 each
Balance at the beginning of the year 97,00,47,046 970.24 97,12,15,439 971.41
Adjustment for cross holdings - - 11,68,393 1.17
Balance at the end of the year 97,00,47,046 970.24 97,00,47,046 970.24
(c) As at March 31, 2017, 3,01,183 Ordinary Shares (March 31, 2016: 3,01,183 ordinary shares and April 1, 2015: 3,01,183 ordinary shares)
are kept in abeyance in respect of right issue of 2007.


(d) Details of shareholders holding more than 5 percent shares in the Company is as below:
(` crore)
As at As at As at
No. of ordinary % No. of ordinary % No. of ordinary %
shares shares shares
(a) Tata Sons Limited 28,88,98,245 29.75 28,88,98,245 29.75 28,88,98,245 29.75
(b) Life Insurance Corporation of India 12,20,50,996 12.57 14,17,39,415 14.59 14,17,39,185 14.59
(e) 1,55,10,420 shares (March 31, 2016: 2,25,14,584 shares; in the case where a resolution is put to vote in the
April 1, 2015: 1,79,07,847 shares) of face value of `10 per
meeting and is to be decided on a show of hands,
share represent the shares underlying Global Depositary
Receipts (GDRs) which were issued during 1994 and 2009. the holders of A Ordinary Shares shall be entitled to
Each GDR represents one underlying Ordinary Share. the same number of votes as available to holders of
Ordinary Shares
(f ) The rights, powers and preferences relating to each class
of share capital and the qualifications, limitations and (ii) The holders of Ordinary Shares and the holders of A
restrictions thereof are contained in the Memorandum and Ordinary Shares shall vote as a single class with respect
Articles of Association of the Company. The principal rights to all matters submitted for voting by shareholders
are as below: of the Company and shall exercise such votes in
proportion to the voting rights attached to such shares
A. Ordinary Shares of `10 each including in relation to any scheme under Sections 391
to 394 of the Companies Act, 1956.
(a) In respect of every Ordinary Share (whether fully paid or
partly paid), voting right shall be in the same proportion as (b) The holders of A Ordinary Shares shall be entitled to dividend
the capital paid up on such Ordinary Share bears to the total on each A Ordinary Share which may be equal to or higher
paid up Ordinary Capital of the Company. than the amount per Ordinary Share declared by the Board
for each Ordinary Share, and as may be specified at the time
(b) The dividend proposed by the Board of Directors is subject
of the issue. Different series of A Ordinary Shares may carry
to the approval of the shareholders in the ensuing Annual
different entitlements to dividend to the extent permitted
General Meeting, except in case of interim dividend.
under applicable law and as prescribed under the terms
(c) In the event of liquidation, the shareholders of Ordinary applicable to such issue.
Shares are eligible to receive the remaining assets of the
Company after distribution of all preferential amounts, in C. Preference Shares
proportion to their shareholding.
The Company has two classes of preference shares i.e.
Cumulative Redeemable Preference Shares (CRPS) of `100
B. A Ordinary Shares of `10 each
per share and Cumulative Convertible Preference Shares
(a) (i) T he holders of A Ordinary Shares shall be entitled to (CCPS) of `100 per share.
such rights of voting and/or dividend and such other
(a) Such shares shall confer on the holders thereof, the right to
rights as per the terms of the issue of such shares,
a fixed preferential dividend from the date of allotment, at a
provided always that :
rate as may be determined by the Board at the time of the
in the case where a resolution is put to vote on a issue, on the capital for the time being paid up or credited as
poll, such differential voting entitlement (excluding paid up thereon.
fractions, if any) will be applicable to holders of A
Ordinary Shares.

CONSOLIDATED

(b) Such shares shall rank for capital and dividend (including all not confer on the holders thereof the right to vote at
dividend undeclared upto the commencement of winding any meetings of the Company save to the extent and in
up) and for repayment of capital in a winding up, pari passu the manner provided in the Companies Act, 1956, or any
inter se and in priority to the Ordinary Shares of the Company, re-enactment thereof.
but shall not confer any further or other right to participate
(d) CCPS shall be converted into Ordinary Shares as per the
either in profits or assets. However, in case of CCPS, such
terms, determined by the Board at the time of issue; as and
preferential rights shall automatically cease on conversion of
when converted, such Ordinary Shares shall rank pari passu
these shares into Ordinary Shares.
with the then existing Ordinary Shares of the Company in all
(c) The holders of such shares shall have the right to receive respects.
all notices of general meetings of the Company but shall
20. HYBRID PERPETUAL SECURITIES

[Item No. IV(b), Page 253]
The detail of movement in Hybrid Perpetual Securities is as below:

(` crore)
As at As at As at
Balance at the beginning of the year 2,275.00 2,275.00 2,275.00
Balance at the end of the year 2,275.00 2,275.00 2,275.00
T he Group had issued Hybrid Perpetual Securities of `775.00 crore and `1,500.00 crore in May 2011 and March 2011 respectively. These
securities are perpetual in nature with no maturity or redemption and are callable only at the option of the Group. The distribution on these
securities are 11.50% p.a. and 11.80% p.a. respectively, with a step up provision if the securities are not called after 10 years. The distribution
on the securities may be deferred at the option of the Group if in the six months preceding the relevant distribution payment date, the
Group has not made payment on, or repurchased or redeemed, any securities ranking pari passu with, or junior to the instrument. As these
securities are perpetual in nature and the Group does not have any redemption obligation, these have been classified as equity.
21. OTHER EQUITY

A. OTHER COMPREHENSIVE INCOME RESERVES
(a) Cash flow hedge reserve

The cumulative effective portion of gain or losses arising on changes in the fair value of hedging instruments designated as cash flow
hedges are recognised in cash flow hedge reserve. Such changes recognised are reclassified to the consolidated statement of profit and
loss when the hedged item affects the profit or loss or are included as an adjustment to the cost of the related non-financial hedged item.
The Company has designated certain foreign currency contracts, commodity contracts and interest rate swaps as cash flow hedges in
respect of foreign exchange, commodity price and interest rate risks.
The details of movement in Cash flow hedge reserve are as below:
(` crore)
As at As at
March 31, 2017 March 31, 2016
Balance at the beginning of the year (10.34) (127.35)
Other comprehensive income recognised during the year 116.33 117.01
Balance at the end of the year 105.99 (10.34)


The details of Other Comprehensive income recognised is as below:

(` crore)
March 31, 2017 March 31, 2016
Fair value changes recognised during the year 344.74 204.15
Fair value changes reclassified to the statement of profit and loss/cost of underlying items (188.96) (72.22)
Tax impact on above (net) (39.45) (14.92)
116.33 117.01
uring the year, ineffective portion of cash flow hedges recognised in the consolidated statement of profit and loss amounted to Nil
D
(2015-16: `0.05 crore).
The amount recognised in the cash flow hedge reserve is expected to impact the consolidated statement of profit and loss within the next
one year.
(b) Investment revaluation reserve

The cumulative gains and losses arising on fair value changes of equity investments measured at fair value through other comprehensive
income are recognised in investment revaluation reserve. The balance of the reserve represents such changes recognised net of amounts
reclassified to retained earnings on disposal of such investments.
The details of movement in investment revaluation reserve are as below:

(` crore)
As at As at
March 31, 2017 March 31, 2016
Other comprehensive income recognised during the year 834.63 (3,408.30)
Transfers within equity (1.75) (3,371.15)
(c) Foreign currency translation reserve

Exchange differences arising on translation of assets, liabilities, income and expenses of the Groups foreign subsidiaries, associates and joint
ventures are recognised in other comprehensive income and accumulated separately in foreign currency translation reserve. The amounts
recognised are transferred to the consolidated statement of profit and loss on disposal of the related foreign subsidiaries, associates and
joint ventures.
The details of movement in foreign currency translation reserve are as below:

(` crore)
As at As at
March 31, 2017 March 31, 2016
Other comprehensive income recognised during the year 2,038.95 (254.08)
Transfers within equity - 11.03

CONSOLIDATED

B. OTHER CONSOLIDATED RESERVES
(a) Securities premium

S ecurities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the provisions of the
Indian Companies Act, 2013 (the Companies Act).
There is no movement in securities premium during the current and previous year.
(` crore)
As at As at
March 31, 2017 March 31, 2016
(b) Debenture redemption reserve

T he Companies Act requires that where a Company issues debentures, it shall create a debenture redemption reserve out of profits of the
Company available for payment of dividend. The Company is required to maintain a Debenture Redemption Reserve of 25% of the value
of debentures issued, either by a public issue or on a private placement basis. The amounts credited to the debenture redemption reserve
cannot be utilised by the Company except to redeem debentures.
There is no movement in debenture redemption reserve during the current and previous year.
(` crore)
As at As at
March 31, 2017 March 31, 2016
(c) General reserve

nder the erstwhile Companies Act 1956, a general reserve was created through an annual transfer of net profit at a specified percentage
U
in accordance with applicable regulations. Consequent to the introduction of the Companies Act, the requirement to mandatorily transfer
a specified percentage of net profit to general reserve has been withdrawn.
(` crore)
As at As at
March 31, 2017 March 31, 2016
Adjustments for cross holding - 21.78
Transfers within equity - (37.29)


(d) Capital redemption reserve

The Companies Act requires that where a Company purchases its own shares out of free reserves or securities premium account, a sum
equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such
transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the Company, in paying up
unissued shares of the Company to be issued to shareholders of the Company as fully paid bonus shares. The Group established this reserve
pursuant to the redemption of preference shares issued in earlier years.
There is no movement in capital redemption reserve during the current and previous year.
(` crore)
As at As at
March 31, 2017 March 31, 2016
(e) Special reserve

T he special reserve represents the reserve created by two subsidiaries of the Company pursuant to the Reserve Bank of India Act, 1934
(the RBI Act) and related regulations applicable to those companies. Under the RBI Act, a non-banking finance company is required to
transfer an amount not less than 20% of its net profit to a reserve fund before declaring any dividend. Appropriation from this reserve fund
is permitted only for the purposes specified by the RBI.
(` crore)
As at As at
March 31, 2017 March 31, 2016
Transfers within equity 0.47 0.42
(f) Others
Others primarily include:
(i) the balance of foreign currency monetary item translation difference account (FCMITDA) created for recognising exchange
differences on revaluation of long term foreign currency monetary items as per the Previous GAAP. Such exchange differences
recognised are transferred to the consolidated statement of profit and loss on a systematic basis.
(ii) amounts appropriated out of profit or loss for unforeseen contingencies. Such appropriations are free in nature.
The details of movement in others are as below:
(` crore)
As at As at
March 31, 2017 March 31, 2016
Additions during the year 191.39 42.04
Transfer to consolidated statement of profit and loss (40.22) (8.18)
Transfers within equity (7.99) (3.45)
Changes in ownership interests 1.75 -
Other movements (15.28) -

CONSOLIDATED
22. BORROWINGS
[Item No. V(a)(i) and VI(a)(i), Page 253]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Secured
(i) Loans from Joint Plant Committee - Steel Development Fund 2,420.66 2,338.91 2,232.35
(ii) Term loans from banks and financial institutions 14,864.84 18,862.19 16,891.52
(iii) Finance leases obligations 440.08 541.08 425.09
17,725.58 21,742.18 19,548.96
(b) Unsecured
(i) Bonds and debentures 21,219.30 20,343.25 19,938.02
(ii) Non-convertible preference shares 19.97 19.97 19.97
(iii) Term loans from banks and financial institutions 22,613.77 20,745.14 20,655.00
(iv) Finance leases obligations 2,386.75 1,972.54 2,013.53
(v) Deferred payment liabilities 9.61 5.58 2.53
(vi) Other loans 47.29 44.12 73.55
46,296.69 43,130.60 42,702.60
64,022.27 64,872.78 62,251.56
B. CURRENT
(` crore)
As at As at As at
(a) Secured
(i) Loans from banks and financial institutions 4,848.96 6,691.71 6,005.49
(ii) Repayable on demand from banks and financial institutions 244.66 147.04 392.46
(iii) Other Loans 19.41 4.59 2.08
5,113.03 6,843.34 6,400.03
(b) Unsecured
(i) Loans from banks and financial institutions 9,918.07 4,906.70 2,509.96
(ii) Commercial papers 2,323.54 3,234.85 -
(iii) Other loans 973.46 737.23 783.26
13,215.07 8,878.78 3,293.22
18,328.10 15,722.12 9,693.25
(a) As at March 31, 2017, `22,838.61 crore (March 31, 2016: `28,585.52 crore; April 1, 2015: `25,949.00 crore) of the total outstanding
borrowings were secured by a charge on property, plant and equipment, inventories and receivables. The security details of major
borrowings of the Group are as below:
(i) Loans from Joint Plant Committee - Steel Development Fund
It is secured by mortgages on, all present and future immovable properties wherever situated and hypothecation of movable assets,
excluding land and building mortgaged in favour of Government of India under the deed of mortgage dated April 13, 1967 and in
favour of Government of Bihar under two deeds of mortgage dated May 11, 1963, immovable properties and movable assets of the
Tube Division, Bearing Division, Ferro Alloys Division and Cold Rolling Complex (West) at Tarapur and all investments and book debts
of the Company subject to the prior charges created and/or to be created in favour of the bankers for securing borrowing for the
working capital requirement and charges created and/or to be created on specific items of machinery and equipment procured/to be
procured under deferred payment schemes/bill re-discounting schemes/asset credit schemes.


It is repayable in 16 equal semi-annual installments after completion of four years from the date of the tranche.
The Company has filed a writ petition before the High Court at Kolkata in February 2006 claiming waiver of the outstanding loan and
interest and refund of the balance lying with Steel Development Fund and the matter is subjudice.
The loan includes funded interest `781.32 crore (March 31, 2016: `699.58 crore and April 1, 2015: `593.03 crore).
It includes `1,639.33 crore (March 31, 2016: `1,639.33 crore and April 1, 2015: `1,639.33 crore) representing repayments and interest
on earlier loans for which applications of funding are awaiting sanction is not secured by charge on movable assets of the Company.
(ii) Term loans from banks/financial institution

The majority of the secured borrowings from banks and financial institutions relates to the senior facility arrangement of Tata Steel
Europe, a wholly owned subsidiary of the Company. The facilities are secured by guarantees and debentures granted by material
subsidiaries of Tata Steel Europe (other than Tata Steel Nederland B.V. and its subsidiaries) and by a pledge over the shares in Tata Steel
Nederland B.V.
(iii) Commercial papers
Commercial papers raised by the Company are short-term in nature ranging between one to three months.
(iv) Finance lease obligations

The Group has taken certain items of plant and machinery as lease for business purpose. In addition the Company has entered into
long term arrangements whose fulfillment is dependent on the use of dedicated assets. Some of these arrangements have been
assessed as being in the nature of lease and have been classified as finance leases.
Finance lease obligations represent the present value of minimum lease payments payable over the lease term. The arrangements
have been classified as secured or unsecured based on the legal form.
(b) Bonds and debentures

The details of major unsecured borrowings taken by the Group are given below:
(i) The debentures issued by the Group are non convertible in nature with interest rates ranging from 2% to 11%.
ABJA Investment Company Pte Ltd. a wholly owned subsidiary of the Company has issued bonds that are listed on the Singapore
Stock Exchange and Frankfurt Stock Exchange. Details of the bonds outstanding at the end of the year are as follows:
Issued on Currency Initial principal due Outstanding principal Interest rate Redeemable on
(in millions) (in millions)
As at As at As at
July 2014 USD 1000 1000 1000 1000 5.95% July 2024
July 2014 USD 500 500 500 500 4.85% January 2020
May 2013 SGD 300 300 300 300 4.95% May 2023
T he above figures do not include current maturities of long term debt and finance lease obligations of `664.12 crore (March 31, 2016:
`1,392.03 crore; April 1, 2015: `4,848.48 crore).

CONSOLIDATED

(c) The currency and interest exposure of borrowings (including current maturities of long term debt and finance lease obligations) at the
end of the reporting period is as below:
(` crore)
Fixed rate Floating rate Total Fixed rate Floating rate Total Fixed rate Floating rate Total
INR 15,862.80 10,819.76 26,682.56 15,050.46 13,731.89 28,782.35 12,878.24 11,588.73 24,466.97
GBP 172.69 4,643.07 4,815.76 479.95 5,663.89 6,143.84 527.14 5,554.88 6,082.02
EURO 957.11 14,270.14 15,227.25 1,182.61 15,527.78 16,710.39 983.88 13,312.05 14,295.93
USD 14,348.92 19,089.66 33,438.58 11,090.90 16,669.79 27,760.69 10,235.30 18,149.17 28,384.47
Others 1,722.96 1,127.38 2,850.34 1,837.86 751.80 2,589.66 1,963.81 1,600.09 3,563.90
Total 33,064.48 49,950.01 83,014.49 29,641.78 52,345.15 81,986.93 26,588.37 50,204.92 76,793.29
INR-Indian rupees, GBP- Great Britain Pound, USD-United states dollars.

(i) Others primarily include SGD-Singapore dollars, CAD- Canadian dollars and THB-Thai Baht.
(ii) The majority of floating rate borrowings are bank borrowings bearing interest rates based on LIBOR, EURIBOR or local official rates. Of
the total floating rate borrowings as at March 31, 2017, `10,881.83 crore (March 31, 2016, `12,785.67; April 1, 2015, `14,782.33) has
been hedged using interest rate swaps and collars, with contracts covering a period of more than one year.
(d) The maturity profile of Groups borrowings is as below:
(` crore)
As at As at As at
Not later than one year or on demand 19,392.30 17,468.24 14,898.80
Later than one year but not two years 2,415.91 1,735.75 2,755.03
Later than two years but not three years 13,407.73 3,254.24 4,635.79
Later than three years but not four years 12,316.42 14,834.81 4,725.90
Later than four years but not five years 12,126.29 13,465.81 14,483.98
More than five years 29,031.25 36,553.17 40,916.15
88,689.90 87,312.02 82,415.65
Less: Future finance charges on financial leases 4,306.89 3,549.41 3,734.60
Less: Capitalisation of transaction costs 1,368.52 1,775.68 1,887.76
83,014.49 81,986.93 76,793.29
(e) Some of the Groups major financing arrangements include financial covenants, which require compliance to certain debt-equity ratios
and debt coverage ratios in the various entities in the Group which have such covenants. Additionally, certain negative covenants may
limit the Groups ability to borrow additional funds or to incur additional liens, and/or provide for increased costs in case of breach.

23. OTHER FINANCIAL LIABILITIES

[Item No. V(a)(iii) and VI(a)(iv), Page 253]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Interest accrued but not due 12.37 - -
(b) Creditors for other liabilities 96.41 454.42 900.55
108.78 454.42 900.55
B. CURRENT
(` crore)
As at As at As at
(a) Current maturities of long-term borrowings 445.49 1,165.45 4,653.38
(b) Current maturities of finance lease obligations 218.63 226.58 195.10
(c) Interest accrued but not due 752.02 616.60 814.25
(d) Unclaimed dividends 62.81 63.62 63.39
(e) Creditors for other liabilities 4,836.56 4,828.87 4,802.44
6,315.51 6,901.12 10,528.56
(i) on-current and current creditors for other liabilities includes creditors for capital supplies and services of `3,076.96 crore
N
(March 31, 2016: `3,550.13 crore; April 1, 2015: `3,890.16 crore).
24. PROVISIONS
[Item No. V(b) and VI(b), Page 253]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Employee benefits 2,583.23 2,733.97 1,911.80
(b) Insurance provisions 882.46 957.51 287.88
(c) Others 814.00 749.00 773.81
4,279.69 4,440.48 2,973.49
B. CURRENT
(` crore)
As at As at As at
(a) Employee benefits 398.94 829.39 324.80
(b) Insurance provisions - 3.00 1.49
(c) Others 588.44 689.47 490.19
987.38 1,521.86 816.48

CONSOLIDATED
24. PROVISIONS (CONTD.)

[Item No. V(b) and VI(b), Page 253]
(i) Non current and current provision for employee benefits include provision for leave salaries of `1,094.03 crore (March 31,
2016: `986.28 crore; April 1, 2015: `913.55 crore). It also includes provision for early separation and disability scheme amounting to
`1,789.59 crore (March 31, 2016 : `1,968.94 crore; April 1, 2015: `1,131.54 crore).
(ii) The Insurance provisions relate to Crucible Insurance Company which underwrites marine cargo, public liability and retrospective
hearing impairment policies of Tata Steel Europe. These provisions represent losses incurred but not yet reported in respect of risks
retained by the Group rather then passed to third party insurers and include amounts in relation to certain disease insurance claims.
Such provisions are subject to regular review and are adjusted as appropriate. The value of final insurance settlements is uncertain and
so is the timing of the expenditure.
(iii) Others primarily include:
a. Provision for compensatory afforestation mine closure and rehabilitation obligations of `529.31 crore (March 31, 2016:
`226.13 crore; April 1, 2015: `68.30 crore). These amounts become payable upon closure of the mines and are expected to be
incurred over a period of 1 to 35 years.
b. Provision in respect of onerous leases. The outstanding term of these leases ranges between 1 to 16 years.
(iv) The detail of movement in provision balances is as below:

(` crore)
Insurance Others Total
Provisions
Balance at the beginning of the year 960.51 1,438.47 2,398.98
Recognised during the year 126.23 537.03 663.26
Disposal of group undertakings - (351.73) (351.73)
Utilised during the year (49.87) (113.51) (163.38)
Classified as held for sale - (9.57) (9.57)
Exchange differences on consolidation (154.41) (98.25) (252.66)
Balance at the end of the year 882.46 1,402.44 2,284.90

(` crore)
Insurance Others Total
Provisions
Balance at the beginning of the year 289.37 1,264.00 1,553.37
Recognised during the year 715.23 300.93 1,016.16
Utilised during the year (32.45) (185.80) (218.25)
Exchange differences on consolidation (11.64) 59.34 47.70
Balance at the end of the year 960.51 1,438.47 2,398.98


25. DEFERRED INCOME

[Item No. V(d) and VI(d), Page 253]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Grants relating to property, plant and equipment 1,979.19 2,339.12 2,229.81
(b) Others 78.40 92.29 105.38
2,057.59 2,431.41 2,335.19
B. CURRENT
(` crore)
As at As at As at
(a) Grants relating to property, plant and equipment 0.22 0.21 0.01
(b) Others 22.30 3.49 3.07
22.52 3.70 3.08
(i) Grants relating to property, plant and equipment relates to duty saved on import of capital goods and spares under the EPCG scheme.
Under such scheme the Group is committed to export prescribed times of the duty saved on import of capital goods over a specified
period of time. In case such commitments are not met, the Group would be required to pay the duty saved along with interest to the
regulatory authorities. Such grants recognised are released to the consolidated statement of profit and loss based on fulfillment of
export obligations.
(ii) During the year, an amount of `351.73 crore (2015-16: `5.24 crore) was released to consolidated statement of profit and loss on
fulfillment of export obligations.
26. OTHER LIABILITIES

[Item No. V(f ) and VI(f ), Page 253]
A. NON-CURRENT
(` crore)
As at As at As at
(a) Statutory dues 55.31 64.06 -
(b) Other credit balances 171.20 264.99 320.49
226.51 329.05 320.49
B. CURRENT
(` crore)
As at As at As at
(a) Advances received from customers 548.42 421.16 297.55
(b) Employee recoveries and employer contributions 65.89 77.62 75.17
(c) Statutory dues 3,683.41 3,104.33 2,442.32
(d) Other credit balances 17.55 34.90 21.72
4,315.27 3,638.01 2,836.76
(i) Statutory dues primarily include payables in respect of excise duties, service tax, sales tax, VAT, tax deducted at source and royalties.

CONSOLIDATED
27. TRADE PAYABLES

[Item No. VI(a)(ii), Page 253]
(` crore)
As at As at As at
(a) Creditors for supplies and services 14,543.26 14,918.59 14,581.81
(b) Creditors for accrued wages and salaries 4,031.20 3,638.11 3,484.85
18,574.46 18,556.70 18,066.66
28. REVENUE FROM OPERATIONS

[Item No. I, Page 254]
(` crore)
March 31, 2017 March 31, 2016
(a) Sale of products 1,15,055.90 1,04,062.82
(b) Sale of power and water 1,418.87 1,399.87
(c) Income from town, medical and other services 207.80 220.49
(d) Other operating income 737.37 656.74
1,17,419.94 1,06,339.92
29. OTHER INCOME

[Item No. II, Page 254]
(` crore)
March 31, 2017 March 31, 2016
(a) Dividend income 73.03 67.09
(b) Finance income 184.76 117.98
(c) Net gain/(loss) on investments carried at fair value through consolidated 316.95 184.22
(d) Net gain/(loss) on sale of non-current investments 0.97 -
(e) Profit/(loss) on sale of capital assets (net of loss on assets sold/scrapped/written 0.15 33.56
off )
(f ) Gain/(loss) on cancellation of forwards, swaps and options (67.95) (1.23)
(g) Other miscellaneous income 19.56 10.60
527.47 412.22
(i) Finance income includes:

(a) Income from financial assets carried at amortised cost of `172.25 crore (2015-16: `109.76 crore).
(b) Income from financial assets carried at fair value through consolidated profit and loss of `12.51 crore (2015-16: `8.22 crore).

30. EMPLOYEE BENEFIT EXPENSES

(` crore)
March 31, 2017 March 31, 2016
(a) Salaries and wages 14,011.31 13,784.22
(b) Contribution to provident and other funds 2,735.44 3,226.55
(c) Staff welfare expenses 505.47 576.86
17,252.22 17,587.63
During the year, the Group recognised an amount of `18.13 crore (2015-16: `17.94 crore) as remuneration to key managerial personnel.
The details of such remuneration is as below:
(` crore)
March 31, 2017 March 31, 2016
(a) Short term employee benefits 17.13 17.24
(b) Post employment benefits 0.71 0.42
(c) Other long term employee benefits 0.29 0.28
18.13 17.94
31. FINANCE COSTS

(` crore)
March 31, 2017 March 31, 2016
Interest expense on:
(a) Bonds, debentures, bank borrowings and others 4,978.26 5,190.81
(b) Finance leases 378.16 313.95
5,356.42 5,504.76
Less: Interest capitalised 284.22 1,283.35
5,072.20 4,221.41
32. DEPRECIATION AND AMORTISATION EXPENSE

[Item No. IV(f ), Page 254]
(` crore)
March 31, 2017 March 31, 2016
Depreciation of tangible and amortisation of intangible assets 5,685.67 5,319.76
Less : Amount released from specific grants 12.79 13.41
5,672.88 5,306.35

CONSOLIDATED
33. OTHER EXPENSES

(` crore)
March 31, 2017 March 31, 2017
(a) Consumption of stores and spares 7,881.07 8,287.91
(b) Repairs to buildings 100.95 113.69
(c) Repairs to machinery 5,332.98 5,534.34
(d) Relining expenses 141.00 117.95
(e) Fuel oil consumed 467.12 486.27
(f ) Purchase of power 4,753.71 4,507.62
(g) Conversion charges 2,343.14 1,980.39
(h) Freight and handling charges 7,268.08 6,832.11
(i) Rent 2,364.10 2,729.55
(j) Royalty 1,188.46 997.72
(k) Rates and taxes 1,644.30 1,157.33
(l) Insurance charges 426.13 295.76
(m) Commission, discounts and rebates 235.01 258.40
(n) Allowance for credit loss/provision for advances 45.95 101.08
(o) Excise duty (including recovered on sales) 5,120.52 4,375.20
(p) Others 5,307.19 3,480.15
44,619.71 41,255.47
(i) Other expenses include foreign exchange gain/(loss) of `576.57 crore [2015-16: `(110.65) crore]
(ii) Revenue expenditure charged to consolidated statement of profit and loss in respect of research and development activities
undertaken during the year is `646.24 crore (2015-16: `637.55 crore)
34. EXCEPTIONAL ITEMS

[Item No. VII, Page 254]
(a) Profit on sale of investments in subsidiaries, associates and joint ventures of `22.70 crore (2015-16: `47.17 crore)
(b) Profit on sale of assets amounting to `85.87 crore (2015-16: Nil) of a subsidiary in South East Asia on liquidation.
(c) Provision for advances paid for repurchase of equity shares in Tata Teleservices Limited from NTT Docomo Inc. of `125.45 crore
(2015-16: Provision of `72.99 crore relating to advances paid for a project which the Company has decided to discontinue).
(d) Impairment loss recognised in respect of property, plant and equipment (including capital work-in-progress) and intangible assets of
`267.93 crore (2015-16: `1,530.17 crore)
The impairment loss relates to the reportable segments as below. The same however has been shown as an exceptional item and does
not form part of segment result in the segment report:
(` crore)
March 31, 2017 March 31, 2016
Tata Steel India - 51.51
Other Indian Operations 1.44 -
Tata Steel Europe 148.37 81.97
South East Asian Operations 118.12 -
Rest of the World - 1,396.69
267.93 1,530.17

34. EXCEPTIONAL ITEMS(CONTD.)

[Item No. VII, Page 254]
(e) Provision of `218.25 crore for demands and claims in relation to the Indian operations (2015-16: `880.05 crore)
(f ) Provision of `207.37 crore on account of employee separation scheme in relation to the Indian operations (2015-16: `556.25 crore)
(g) Restructuring and other provisions of `3,613.80 crore primarily include curtailment charge relating to closure of Tata Steel Europes
British Steel Pension Scheme (BSPS) to future accrual (2015-16: Represents a gain of `6,982.67 crore primarily on account of changes
to BSPS and Stichting Pensioenfonds Hoogovens (SPH) scheme and other restructuring exercise relating to the European operations).
35. DISCONTINUED OPERATIONS

[Item No. XI, Page 254]
The recognition of non-current assets (or disposal group) as held for sale is dependent upon whether its carrying value will be recovered
principally through a sale transaction rather than through continuing use. Significant judgement is required to assess whether the sale
of the assets (or disposal group) is highly probable. A discontinued operation is a component of an entity that either has been disposed
of or is classified as held for sale. Judgement is required to assess whether the component represents a separate major line of business or
geographical area of operation, and is part of a single co-ordinated plan to dispose of a separate major line of business or geographical
area of operation.
These businesses have been classified as discontinued operations during the current year following a coordinated plan to dispose of these
businesses which do not form part of the Groups core Strip Products. The previous year figures have also been restated accordingly.
On May 31, 2016, the Group disposed of the trade and other assets of its Long Products Europe business to Greybull Capital LLP.
n February 9, 2017, the Group announced a definitive sales agreement to dispose of the trade and other assets of its Speciality Steels
O
business. The disposal was completed on May 1, 2017.
The results of the discontinued operations in each of the reporting periods are as below:
(` crore)
March 31, 2017 March 31, 2016
Revenue from operations 3,123.77 12,751.73
Other income 0.05 (2.27)
3,123.82 12,749.46
Expenses
Raw materials consumed 738.97 3,423.61
Purchases of finished, semi-finished and other products 257.81 418.15
Employee benefit expense 981.05 3,711.82
Finance costs 39.34 (18.39)
Depreciation and amortisation expense 16.89 86.73
Other expenses 1,860.62 7,612.99
3,894.68 15,234.91
Profit/(loss) before tax from discontinued operations (770.86) (2,485.45)
Tax expenses: 8.01 54.43
(a) Current tax 10.31 47.28
(b) Deferred tax (2.30) 7.15
Profit/(loss) after tax from discontinued operations (778.87) (2,539.88)
Profit/(loss) on disposal of discontinued operations (3,085.32) -
Total Profit/(loss) from discontinued operations (3,864.19) (2,539.88)
An impairment charge of 196.63 crore was recognised during the year being the write down to fair value less costs to sell for assets
classified as held for sale.
During the year, discontinued operations resulted in an outflow of 500.59 crore (March 31, 2016: 1,255.08 crore) to the Groups net
operating cash flows, an outflow of 105.39 crore (March 31, 2016: 529.49 crore) in respect of investing activities and an outflow of Nil
(March 31, 2016: 19.61 crore) in respect of financing activities.

CONSOLIDATED
36. DISPOSAL OF SUBSIDIARIES

On May 31,2016 the Group completed the sale of its long products Europe business to Greybull Capital LLP. On March 29, 2017, the Group
also completed the sale of its subsidiary Kalzip (Guangzhou) Limited to Shangai Qinheng International Trade Co. Ltd
(a) The details of net assets disposed off and profit/(loss) on disposal is as below:
(` crore)
Year ended
March 31, 2017
Property,plant and equipment 608.17
Other Intangible assets 3.56
Deferred tax Assets 20.82
Inventories 1,421.22
Trade receivables 1,887.12
Cash and bank balances 30.99
Long term borrowings (193.07)
Long term provisions (49.43)
Non-Current retirement benefit obligations (318.38)
Trade payables (1,973.29)
Short term borrowings (18.07)
Short term provisions (314.52)
Current tax liabilities (7.81)
Carrying value of net assets disposed off 1,097.31

(` crore)
Year ended
March 31, 2017
Sale consideration (1,169.18)
Exchange differences recycled to consolidated statement of profit and loss 42.01
Transaction costs 48.87
Pension curtailment (887.01)
Net consideration (1,965.31)
Carrying value of net assets disposed off 1,097.31
Profit/(Loss) on disposal (3,062.62)
(b) The net cash flow arising on disposal is as below:

(` crore)
Year ended
March 31, 2017
Consideration paid in cash and cash equivalents (1,169.18)
Deferred consideration 87.82
Less: Cash and cash equivalents disposed off 30.99
Net cash flow arising on disposal (1,112.35)

37. EARNINGS PER SHARE

[Item No. XVII, XVIII and XIX, Page 255]
The following table reflects the profit and shares data used in the computation of basic and diluted earnings per share.
(` crore)
March 31, 2017 March 31, 2016
(a) Profit after tax from continuing operations (304.38) 2,042.79
Less: Distribution on Hybrid Perpetual Securities (net of tax) 174.01 174.06
Profit after tax from continuing operations attributable to Ordinary Shareholders - for (478.39) 1,868.73
Basic and Diluted EPS (A)
Profit after tax from discontinued operations attributable to Ordinary Shareholders - (3,864.19) (2,539.88)
for Basic and Diluted EPS (B)
Profit after tax from continuing and discontinued operations attributable to Ordinary (4,342.58) (671.15)
Shareholders - for Basic and Diluted EPS (A+B)
Nos. Nos.
(b) Weighted average number of Ordinary Shares for Basic EPS 97,00,47,046 97,01,42,816
Weighted average number of Ordinary Shares for Diluted EPS 97,00,47,100 97,01,42,816
(c) Nominal value of Ordinary Shares (`) 10.00 10.00
(d) Basic and Diluted Earnings per Ordinary Share (`) - continuing operations (4.93) 19.26
Basic and Diluted Earnings per Ordinary Share (`) - discontinued operations (39.84) (26.18)
Basic and Diluted Earnings per Ordinary Share (`) - continuing and discontinued operations (44.77) (6.92)

CONSOLIDATED
38. EMPLOYEE BENEFITS B. Defined Benefit Plans

The defined benefit plans operated by the Group are as below:
A. Defined Contribution Plans
(a) Retiring gratuity
T he Group participates in a number of defined contribution plans
on behalf of relevant personnel. Any expense recognised in relation The Company and its Indian subsidiaries have an obligation
to these schemes represents the value of contributions payable towards gratuity, a defined benefit retirement plan covering
during the period by the Group at rates specified by the rules eligible employees. The plan provides for a lump-sum
of those plans. The only amounts included in the consolidated payment to vested employees at retirement, death while in
balance sheet are those relating to the prior months contributions employment or on termination of employment of an amount
that were not due to be paid until after the end of the reporting equivalent to 15 to 30 days salary payable for each completed
period. year of service. Vesting occurs upon completion of five
years of service. The Group makes annual contributions to
T he major defined contribution plans operated by the Group are
gratuity funds established as trusts or insurance companies.
as below:
The Company and its Indian subsidiaries accounts for the
liability for gratuity benefits payable in the future based on
(a) Provident fund and pension
an actuarial valuation.
In accordance with the Employees Provident Fund and
Miscellaneous Provisions Act, 1952 and the Coal Mines (b) Post retirement medical benefits
Provident Fund and Miscellaneous Provisions Act, 1948,
Under this unfunded scheme, employees of the Company
eligible employees of the Company and its Indian subsidiaries
and some of its subsidiaries receive medical benefits
are entitled to receive benefits in respect of provident fund,
subject to certain limits on amounts of benefits, periods
a defined contribution plan, in which both employees and
after retirement and types of benefits, depending on their
the Company and its Indian subsidiaries make monthly
grade and location at the time of retirement. Employees
contributions at a specified percentage of the covered
separated from the Company and its subsidiaries under
employees salary.
an early separation scheme, on medical grounds or due to
The contributions, as specified under the law, are made permanent disablement are also covered under the scheme.
to the provident fund set up as an irrevocable trust by the The Company and such subsidiaries accounts for the liability
Company and its Indian subsidiaries, post contribution of for post-retirement medical scheme based on an actuarial
amount specified under the law to Employee Provident Fund valuation.
Organisation on account of employee pension scheme.
(c) Pension Plan
(b) Superannuation fund
Tata Steel Europe operates a number of defined benefit
The Company and some of its Indian subsidiaries have pension and post-retirement schemes covering the majority
a superannuation plan for the benefit of its employees. of employees. The benefits offered by these schemes are
Employees who are members of the defined benefit largely based on pensionable pay and years of service
superannuation plan are entitled to benefits depending on at retirement. With the exception of certain unfunded
the years of service and salary drawn. arrangements, the assets of these schemes are held in
administered funds that are legally separated from Tata Steel
Separate irrevocable trusts are maintained for employees
Europe. For those pension schemes set up under a trust,
covered and entitled to benefits. The Company and its Indian
the trustees are required by law to act in the best interests
subsidiaries contributes up to 15% of the eligible employees
of the schemes beneficiaries in accordance with the scheme
salary or `1,00,000, whichever is lower,to the trust every year.
rules and relevant pension legislation. The trustees are
Such contributions are recognised as an expense as and
generally responsible for the investment policy with regard
when incurred. The Company and its Indian subsidiaries does
to the assets of the fund, after consulting with the sponsoring
not have any further obligations beyond this contribution.
employer.
The total expenses recognised in the consolidated statement of
Tata Steel Europe accounts for all pension and post-
profit and loss during the year on account of defined contribution
retirement defined benefit arrangements using Ind AS 19
plans amounted to `1,014.56 crore (2016: `841.10 crore).
Employee Benefits, with independent actuaries being used
to calculate the costs, assets and liabilities to be recognised

38. EMPLOYEE BENEFITS (CONTD.) (i) Investment risk: The present value of the defined benefit
plan liability is calculated using a discount rate determined
in relation to these schemes. The present value of the by reference to government/high quality bond yields; if
defined benefit obligation, the current service cost and the return on plan asset is below this rate, it will create a
past service costs are calculated by these actuaries using plan deficit.
the Projected unit credit method. However, the ongoing
(ii) Interest risk: A decrease in the bond interest rate will
funding arrangements of each scheme, in place to meet
increase the plan liability; however, this will be partially
their long term pension liabilities, are governed by the
offset by an increase in the return on the plans debt
individual scheme documentation and national legislation.
investments.
The accounting and disclosure requirements of Ind AS 19 do
not affect these funding arrangements. (iii) Salary risk: The present value of the defined benefit plan
liability is calculated by reference to the future salaries of
The principal defined benefit pension scheme of the Group
plan participants. As such, an increase in the salary of the
at March 31, 2017 was the BSPS, which is the main scheme
plan participants will increase the plans liability.
for historic and present employees based in the UK. The
main scheme for historic and present employees in the (iv) Longevity risk: The present value of the defined
Netherlands is the SPH which, from July 7, 2015, switched benefit plan liability is calculated by reference to the
from being classified as a defined benefit scheme to a defined best estimate of the mortality of plan participants both
contribution scheme. during and after their employment. An increase in the
life expectancy of the plan participants will increase the
(d) Other defined benefits plans liability.
Other benefits provided under unfunded schemes include (v) Inflation risk: Some of the Groups Pension obligations
pension payable to directors on their retirement, farewell are linked to inflation, and higher inflation will lead to
gifts and reimbursement of packing and transportation higher liabilities ( although), in most cases, caps on the
charges to the employees based on their last drawn salary. level of inflationary increases are in place to protect the
plan against extreme inflation).
The defined benefit plans expose the Group to a number of
actuarial risks as below:
C. Details of defined benefit obligation and plan assets:
(a) Retiring gratuity:
(i) The following table sets out the amounts recognised in the consolidated financial statements in respect of retiring gratuity plan:
(` crore)
March 31, 2017 March 31, 2016
Change in defined benefit obligation:
Obligation at the beginning of the year 2,824.78 2,735.84
Interest costs 205.11 199.78
Remeasurement (gains)/losses 156.62 77.27
Benefits paid (336.57) (316.24)
Obligation at the end of the year 2,981.18 2,824.78

CONSOLIDATED

(` crore)
March 31, 2017 March 31, 2016
Fair value of plan assets at the beginning of the year 2,646.07 2,160.13
Interest income 198.90 177.57
Remeasurement gains/(losses) 56.93 46.22
Employers' contributions 179.94 578.39
Benefits paid (336.50) (316.24)
Fair value of plan assets at the end of the year 2,745.34 2,646.07
Amounts recognised in the consolidated balance sheet consists of:

(` crore)
As at As at As at
Fair value of plan assets at the beginning/end of the year 2,745.34 2,646.07 2,160.13
Present value of obligation at the beginning/end of the year 2,981.18 2,824.78 2,735.84
(235.84) (178.71) (575.71)
Recognised as:
Retirement benefit assets - Non-current 0.50 0.67 0.13
Retirement benefit liability - Current (3.29) - -
Retirement benefit liability - Non-current (233.05) (179.38) (575.84)
(235.84) (178.71) (575.71)
Expenses recognised in the consolidated statement of profit and loss consists of:
(` crore)
March 31, 2017 March 31, 2016
Net interest expenses/(income) 6.21 22.21
137.45 150.34

(Gain)/loss on plan assets (56.93) (46.22)
Actuarial (gain)/loss arising from changes in financial assumption 160.54 2.27
Actuarial (gain)/loss arising from changes in experience adjustments (3.92) 75.00
99.69 31.05
Expenses recognised in the consolidated statement of profit and loss 237.14 181.39

(ii) The fair value of plan assets as at March 31, 2017, March 31, 2016 and April 1, 2015 by category are as below:
(%)
As at As at As at
Assets category (%)
Quoted
Equity instruments 0.21 - -
Debt instruments 29.53 31.40 39.58
Other assets 0.04 - 0.05
29.78 31.40 39.63
Unquoted
Debt instruments 0.42 0.42 0.45
Insurance products 69.32 67.35 59.14
Other assets 0.48 0.83 0.78
70.22 68.60 60.37
100.00 100.00 100.00

The Groups policy is driven by considerations of maximising returns while ensuring credit quality of debt instruments. The asset allocation
for plan assets is determined based on investment criteria prescribed under the Indian Income Tax Act, 1961, and is also subject to other
exposure limitations. The Group evaluates the risks, transaction costs and liquidity for potential investments. To measure plan assets
performance, the Group compares actual returns for each asset category with published benchmarks.
(iii) The key assumptions used in accounting for retiring gratuity is as below:
(%)
As at As at As at
(a) Discount rate 7.00-7.50% 7.50-7.80% 7.50-7.80%
(b) Rate of escalation in salary 5.00-10.00% 5.00-10.00% 6.00-10.00%
(iv) The weighted average duration of the obligation as at March 31, 2017 ranges between 6 to 22 years (March 31, 2016: 6 to 15 years and
April 1, 2015: 6 to 16 years).
(v) The Group expects to contribute `234.17 crore to the plan during the financial year 2017-18.
(vi) The table below outlines the effect on obligation in the event of a decrease/ increase of 1% in the assumptions used.


As at April 1, 2015

CONSOLIDATED
(b) Tata Steel Europe Pension Plan

(i) The following table sets out the amounts recognised in the consolidated financial statements for Tata Steel Europes pension plans.
(` crore)
March 31, 2017 March 31, 2016
Obligation at the beginning of the year 1,21,336.52 1,86,236.91
Current service costs 834.31 1,500.21
Interest costs 3,583.16 4,481.02
Past service costs 3,627.07 (7,697.15)
Remeasurement (gains)/losses 18,662.81 (7,811.38)
Employees' contributions 105.39 274.55
Curtailment 895.79 -
Settlements - (56,743.21)
Benefits paid (6,832.59) (7,020.59)
Obligations of companies disposed off (878.23) -
Exchange differences on consolidation (19,388.02) 8,116.16
Obligation at the end of the year 1,21,946.21 1,21,336.52
(` crore)
March 31, 2017 March 31, 2016
Fair value of plan assets at beginning of the year 1,31,204.14 1,85,888.76
Interest income 3,890.54 4,726.15
Remeasurement gains/(losses) 14,560.97 (5,814.54)
Employers' contributions 526.94 1,588.46
Employees' contributions 105.39 274.55
Settlements - (56,184.31)
Benefits paid (6,797.46) (6,981.37)
Assets of companies disposed off (562.06) -
Exchange differences on consolidation (20,317.32) 7,706.44
Fair value of plan assets at end of the year 1,22,611.14 1,31,204.14
Amount recognised in the consolidated balance sheet consist of:

(` crore)
As at As at As at
Fair value of plan assets at the beginning/end of the year 1,22,611.14 1,31,204.14 1,85,888.76
Present value of obligation at the beginning/end of the year 1,21,946.21 1,21,336.52 1,86,236.91
664.93 9,867.62 (348.15)
Recognised as:
Retirement benefit assets - Non-current 1,752.14 11,476.77 1,330.50
Retirement benefit liability - Current (27.07) (46.21) (52.83)
Retirement benefit liability - Non-current (1,060.14) (1,562.94) (1,625.82)
664.93 9,867.62 (348.15)


Expenses recognised in the consolidated statement of profit and loss consist of:
(` crore)
March 31, 2017 March 31, 2016
Employee benefit expenses:
Current service costs 834.31 1,500.21
Past service costs 3,627.07 (7,697.15)
Net interest expenses/(income) (307.38) (245.13)
Settlements - (558.90)
Curtailments 895.79 -
5,049.79 (7,000.97)
Return on plan assets (14,560.97) 5,814.54
Actuarial (gain)/loss arising from changes in demographic assumptions (702.58) -
Actuarial (gain)/loss arising from changes in financial assumption 20,199.17 (6,373.43)
Actuarial (gain)/loss arising from changes in experience adjustments (833.78) (1,437.95)
4,101.84 (1,996.84)
Expenses recognised in the consolidated statement of profit and loss 9,151.63 (8,997.81)
(ii) The fair value of plan assets as at March 31, 2017, March 31, 2016 and April 1, 2015 by category is as below:
(%)
As at As at As at
Assets category (%)
Quoted
(a) Equity - UK Entities 0.79 8.02 5.96
(b) Equity - Non-UK Entities 8.79 19.08 22.28
(c) Bonds - Fixed rate 39.71 17.69 24.84
(d) Bonds - indexed linked 42.20 44.13 30.75
(e) Others 0.23 0.05 0.17
91.72 88.97 84.00
Unquoted
(a) Property 8.49 9.42 7.84
(b) Others (0.21) 1.61 8.16
8.28 11.03 16.00
100.00 100.00 100.00
(iii) The key assumptions used in accounting for the pension plans is as below:
As at As at As at
(a) Discount rate 0.5-4.1% 0.4-4.1% 0.8-4.5%
(b) Rate of escalation in salary 1.0-3.0% 1.0-2.5% 1.0-3.0%
(c) Inflation rate 1.0-2.0% 1.0-3.0% 1.0-3.0%
(iv) The weighted average duration of the obligation as at March 31, 2017 is 16 years (March 31, 2016: 16 years and April 1, 2015: 16 years).
(v) The Group expects to contribute `1,194.39 crore to the plan during the financial year 2017-18.

CONSOLIDATED
(vi) The table below outlines the effect on obligation in the event of a decrease/ increase of 10 bps in the assumptions used.

Discount rate Increase by 10 bps, decrease by 10 bps Decrease by 1.5%, increase by 1.5%
Rate of escalation in salary Increase by 10 bps, decrease by 10 bps Increase by 0.3%, decrease by 0.3%
Inflation rate Increase by 10 bps, decrease by 10 bps Increase by 1.2%, decrease by 1.2%

As at April 1, 2015
(c) Post retirement medical and other defined benefit plans
(i) The following table sets out the amounts recognised in the consolidated financial statements for post retirement medical and other
defined benefit plans.
(` crore)
As at March 31, 2017 As at March 31, 2016
Obligations at the beginning of the year 1,097.49 154.42 1,067.18 142.01
Current service cost 19.89 11.83 18.22 12.27
Interest cost 82.41 9.04 80.69 8.69
Remeasurement (gain)/loss:
(i) Actuarial (gain)/loss arising from changes in financial assumptions 128.33 8.98 0.28 3.22
(ii) Actuarial (gain)/loss arising from changes in experience adjustments (10.23) 5.95 (16.54) (0.44)
(iii) Actuarial (gain)/loss arising from changes in demographic assumptions (0.02) - (0.02) -
Exchange differences on consolidation - (0.20) - (0.35)
Benefits paid (61.50) (14.49) (52.32) (10.98)
Past service costs 0.26 5.76 - -
Obligations at the end of the year 1,256.63 181.29 1,097.49 154.42


Amounts recognised in the consolidated balance sheet consist of:
(` crore)
Present value of obligations at the beginning/end of 1,256.63 181.29 1,097.49 154.42 1,067.18 142.01
the year
Recognised as:
(a) Retirement benefit liability - Current 54.80 10.04 53.98 10.89 48.59 8.89
(b) Retirement benefit liability - Non-current 1,201.83 171.25 1,043.51 143.53 1,018.59 133.12
Expenses recognised in the consolidated statement of profit and loss consist of:
(` crore)
As at March 31, 2017 As at March 31, 2016
Employee benefit expenses:
Current service costs 19.89 11.83 18.22 12.27
Past service costs 0.26 5.76 - -
Interest costs 82.41 9.04 80.69 8.69
102.56 26.63 98.91 20.96
Other comprehensive income consist of:

Actuarial (gain)/loss arising from changes in demographic assumption (0.02) - (0.02) -
Actuarial (gain)/loss arising from changes in financial assumption 128.33 8.98 0.28 3.22
Actuarial (gain)/loss arising from changes in experience adjustments (10.23) 5.95 (16.54) (0.44)
118.08 14.93 (16.28) 2.78
Expenses recognised in the consolidated statement of profit and loss 220.64 41.56 82.63 23.74
(ii) The key assumptions used in accounting for the post-retirement medical benefits and other defined benefits is as below:
As at March 31, 2017 As at March 2016 As at April 1, 2015

(a) Discount rate 7.00-7.50% 0.51-7.75% 7.50-7.75% 0.51-7.75% 7.75-7.90% 3.02-7.90%
(b) Rate of escalation in salary N.A. 4.95-15.00% N.A. 5.00-15.00% N.A. 4.00-15.00%
(c) Inflation rate 6.00-8.00% 4.00-8.00% 6.00-8.00% 4.00-8.00% 6.00-8.00% 4.00-8.00%
(iii) The weighted average duration of the post-retirement medical benefit obligations as at March 31, 2017 ranges between 4-10 years
(March 31, 2016: 6-10 years and April 1, 2015: 6-10.5 years).
The weighted average duration of the other defined benefit obligations as at March 31, 2017 ranges between 6-12 years (March 31,
2016: 6-11 years and April 1, 2015: 6-10.5 years).

CONSOLIDATED
(iv) The table below outlines the effect on the post-retirement medical benefit obligations in the event of a decrease/increase of 1% in the
assumptions used:

As at April 1, 2015
(v) The table below outlines the effect on other defined benefit obligations in the event of a decrease/increase of 1% in the assumptions
used:

As at April 1, 2015

39. CONTINGENCIES AND COMMITMENTS Customs, Excise Duty and Service Tax
As at March 31, 2017, there were pending litigation for various
A. CONTINGENCIES
matters relating to customs, excise duty and service taxes involving
In the ordinary course of business, the Group faces claims and demands of `804.84 crore (March 31, 2016: `741.96 crore,
assertions by various parties. The Group assesses such claims and April 1, 2015: `691.76 crore), which includes `43.35 crore
assertions and monitors the legal environment on an on-going (March 31, 2016: `41.42 crore, April 1, 2015: `42.17 crore) in respect
basis, with the assistance of external legal counsel, wherever of equity accounted investees.
necessary. The Group records a liability for any claims where a
potential loss is probable and capable of being estimated and Sales Tax /VAT
discloses such matters in its consolidated financial statements,
The total sales tax demands that are being contested by the
if material. For potential losses that are considered possible, but
Group amounted to `438.06 crore (March 31, 2016: `622.74 crore,
not probable, the Group provides disclosure in the consolidated
April 1, 2015: `477.97 crore), which includes `28.10 crore
financial statements but does not record a liability in its accounts
(March 31, 2016: `9.12 crore, April 1, 2015: `7.04 crore) in respect of
unless the loss becomes probable.
equity accounted investees.
The following is a description of claims and assertions where a
potential loss is possible, but not probable. The Group believes Other Taxes, Dues and Claims
that none of the contingencies described below would have a
Other amounts for which the Group may contingently be liable
material adverse effect on the Groups financial condition, results
aggregate to `9,421.13 crore (March 31, 2016: `7,969.49 crore,
of operations or cash flows.
April 1, 2015: `7,158.85 crore), which includes `68.54 crore
(March 31, 2016: `67.49 crore, April 1, 2015: `68.26) in respect of
Litigations
equity accounted investees.
The Group is involved in legal proceedings, both as plaintiff and as
The details of demands for more than `100 crore is as below:
defendant. There are claims which the Group does not believe to
be of material nature, other than those described below. (a)
Claim by a party arising out of conversion arrangement-
`195.82 crore (March 31, 2016: `195.82 crore; April 1, 2015:
Income Tax `195.82 crore). The Company has not acknowledged this claim
and has instead filed a claim of `139.65 crore (March 31, 2016:
The Group has ongoing disputes with income tax authorities
`139.65 crore; April 1, 2015: `139.65 crore) on the party. The
relating to tax treatment of certain items. These mainly include
matter is pending before the Calcutta High Court.
disallowance of expenses, tax treatment of certain expenses
claimed by the Group as deductions and the computation of, or The State Government of Odisha introduced Orissa Rural
(b)
eligibility of the Groups use of certain tax incentives or allowances. Infrastructure and Socio Economic Development Act, 2004
with effect from February 2005 levying tax on mineral bearing
Most of these disputes and/or disallowances, being repetitive in
land computed on the basis of value of minerals produced
nature, have been raised by the income tax authorities consistently
from the mineral bearing land. The Company had filed a Writ
in most of the years.
Petition in the High Court of Orissa challenging the validity of
As at March 31, 2017, there are matters and/or disputes pending in the Act. Orissa High Court held in November 2005 that State
appeal amounting to `1,442.95 crore (March 31, 2016: `1,334.73 does not have authority to levy tax on minerals. The State
crore; April 1, 2015: `1,070.66 crore) which includes `7.71 crore Government of Odisha moved to the Supreme Court against
(March 31, 2016: `7.24 crore, April 1, 2015: `5.52 crore) in respect of the order of Orissa High Court and the case is pending with
equity accounted investees. Supreme Court. The potential liability, as at March 31, 2017
would be approximately `5,880.83 crore (March 31, 2016:
The details of demands for more than `100 crore is as below:
`5,501.98 crore; April 1, 2015: `4,805.18 crore).
Interest expenditure on loans taken by the Company for
(c) F or the purpose of payment of royalty, there are two salient
acquisition of a subsidiary has been disallowed in assessments
provisions viz. Section 9 in Mines and Minerals (Development
with tax demand raised for `1,217.79 crore (inclusive of interest)
and Regulation) Act (MMDR) 1957, related to the incidence of
(March 31, 2016: `1,124.48 crore, April 1, 2015: `870.36 crore).
royalty and Rules 64B and 64C of Mineral Concession Rules
The Company has deposited `515.00 crore (March 31, 2016:
(MC Rules), 1960. The Company has been paying royalty on
`415 crore; April 1, 2015: `340.00 crore) as part payment as a
coal extracted from its coal mines pursuant to the judgement
precondition to obtain stay of demand. The Company expects to
and order dated July 23, 2002 passed by the Jharkhand High
sustain its position on ultimate resolution of the appeals.

CONSOLIDATED
39. CONTINGENCIES AND COMMITMENTS (CONTD.) Trust contribution on differential royalty is also considered as
a contingent liability.
Court. However, the State Government demanded royalty
at rates applicable to processed coal. Though the Company (d) T he Company pays royalty on ore on the basis of quantity
contested the above demand, it started paying, under protest, removed from the leased area at the rates based on notification
royalty on processed coal from November 2008. The demand by the Ministry of Mines, Government of India and the price
of the state mining authority was confirmed by the High Court published by India Bureau of Mines (IBM) on a monthly basis.
vide its judgement dated March 12, 2014. The Court concluded
A demand of `411.08 crore has been raised by Deputy Director
that the State cannot claim interest till the Honble Supreme
of Mines, Joda, claiming royalty at sized ore rates on despatches
Court decides the pending Special Leave Petitions (SLP) filed
of ore fines. The Company has filed a revision petition on
by State and Company in the year 2004.
November 14, 2013 before the Mines Tribunal, Government
In the appeals filed by the Company in respect of the issues of India, Ministry of Mines, New Delhi, challenging the legality
related to Coal royalty, the Honble Supreme Court has and validity of the demand raised and also to grant refund
pronounced the judgement on March 17, 2015 in which it has of royalty excess paid by the Company. Mines tribunal vide
interpreted Section 9 and approved the law that removal of its order dated November 13, 2014 has stayed the demand
coal from the seam in the mine and extracting it through the of royalty on iron ore for Joda east of `314.28 crore upto the
pithead to the surface satisfies the requirement of Section 9 period ending March 31, 2014. For the demand of `96.80
(charging section) of the MMDR Act in order to give rise to a crore for April, 2014 to September, 2014, a separate revision
liability for royalty. In regard to the interpretation of Rules 64B application was filed before Mines Tribunal. The matter was
and 64C of MC Rules, the Supreme Court has clarified that the heard by Mines Tribunal on July 14, 2015 and stay was granted
constitutional validity or the vires of the Rules has not been on the total demand with directive to Government of Odisha
adjudicated upon. Therefore it is open to the Company either not to take any coercive action for realisation of this demanded
to revive the appeals limited to this question or to separately amount. Likely demand of Royalty on fines at sized ore rate as
challenge the constitutionality and vires of these Rules. on March 31, 2017: `847.96 crore (March 31, 2016: `411.08
Accordingly, the Company has filed writ petitions challenging crore: April 1, 2015: `411.08 crore.
the constitutionality and vires of Rules 64B and 64C of MC
Rules on May 19, 2015 at Honble High Court of Jharkhand. B. COMMITMENTS
Vide its judgement dated 26.06.2015, High Court has held
(a) The Group has entered into various contracts with suppliers
that, the writ petitions are maintainable. It is also pertinent
and contractors for the acquisition of plant and machinery,
to mention that the Union of India in its counter affidavit has
equipment and various civil contracts of capital nature
stated that the provisions of Rules 64B and 64C may not be
amounting to `6,737.88 crore, which includes `21.80 crore
applicable to the mineral coal.
in respect of equity accounted investees as at March, 2017
All demands are solely based on application of Rules 64B and (`9,173.79 crore, which includes `10.77 crore in respect
64C. In view of (i) the clear interpretation of charging Section 9 of equity accounted investees as at March 31, 2016 and
by Supreme Court by three judges Bench following two earlier `9,739.60 crore which includes `5.15 crore in respect of
three Judge Bench orders (ii) the affidavit of Union of India and equity accounted investees as at April 1, 2015), which are yet
(iii) the liberty given by Supreme Court, the Company is of the to be executed.
opinion that any related present/probable demands are not

Other commitments amounts to `0.01 crore which
payable. Out of the principal demand of `190.25 crore an amount
includes Nil in respect of equity accounted investees as at
of `163.80 crore has been paid till FY 15 and balance has been
March 31, 2017 (`0.01 crore which includes Nil in respect
provided for. As the Honble High Court of Jharkhand refused
of equity accounted investees as at March 31, 2016,
to grant stay on demand raised in case of West Bokaro division,
`0.01 crore which includes Nil in respect of equity accounted
the Company started providing for differential royalty in the
investees as at April 1, 2015.
books. Interest amount of `1,043.79 crore (March 31, 2016:
`324.06 crore; April 1, 2015: `318.45 crore) being interest (b) The Company has given undertakings to: (a) IDBI not to
raised on all the demands, which are disputed in several cases dispose of its investment in Wellman Incandescent India Ltd.,
has been considered as a contingent liability. The interest (b) IDBI and ICICI Bank Ltd. (formerly ICICI) not to dispose of
demand has been raised after several years for the entire past its investment in Standard Chrome Ltd., (c) Mizuho Corporate
period and is being contested. `12.92 crore, being interest on Bank Limited and Japan Bank for International Co-operation,
District Mineral Fund (DMF) and National Mineral Foundation not to dispose of its investments in Tata NYK Shipping Pte
Limited, (minimal stake required to be able to provide a

39. CONTINGENCIES AND COMMITMENTS (CONTD.) State Government and `1.07 crore (March 31, 2016:
`1.07 crore; April 1, 2015: `1.07 crore) on behalf of
corporate guarantee towards long-term debt), (d) ICICI Bank
Timken India Limited to Commissioner of Customs in
Limited to directly or indirectly continue to hold atleast 51%
respect of goods imported.
shareholding in Jamshedpur Continuous Annealing and
Processing Company Private Limited. (ii) in favour of Mizuho Corporate Bank Ltd., Japan for
`45.38 crore (March 31, 2016: `65.04 crore; April 1,
(c) The Company has furnished a security bond in respect of
2015: `78.89 crore) against the loan granted to a joint
its immovable property to the extent of `20 crore in favour
venture Tata NYK Shipping Pte. Limited.
of the Registrar of the Delhi High Court and has given an
undertaking not to sell or otherwise dispose of the said (iii) in favour of The President of India for `177.18 crore
property. (March 31, 2016: `177.18 crore; April 1, 2015: `177.18
crore) against performance of export obligation
(d) The Promoters of Tata BlueScope Steel Limited (TBSL) (i.e.
under the various bonds executed by a joint venture
Bluescope Steel Asia Holdings Pty Limited, Australia and Tata
Jamshedpur Continuous Annealing & Processing
Steel. Limited) have given an undertaking to IDBI Trusteeship
Company Private Limited.
Services Ltd., Debenture Trustees, and State Bank of India
not to reduce collective shareholding in TBSL, below 51 % (iv)
in favour of President of India for `0.15 crore
without prior consent of the Lender. Further, the Company (March 31, 2016: `0.15 crore; April 1, 2015: `0.15 crore)
has given an undertaking to State Bank of India to intimate against advance license.
them before diluting its shareholding in TBSL below 50%.
40. OTHER SIGNIFICANT LITIGATIONS
(e)
The Company, as a promoter, has pledged 4,41,55,800
equity shares of Industrial Energy Limited with Infrastructure (a) Odisha legislative assembly issued an amendment to Indian
Development Finance Corporation Limited. Stamp Act on May 9, 2013 and inserted a new provision
(Section 3a) in respect of stamp duty payable on grant/
(f ) The Company along with TS Alloys Limited (Promoters) has
renewal of mining leases. As per the amended provision,
given an undertaking to Power Finance Corporation Limited
stamp duty is levied equal to 15% of the average royalty
(PFC) and Rural Electrification Corporation Limited (REC)
that would accrue out of the highest annual extraction of
(Lenders) not to dispose off /transfer their equity holding
minerals under the approved mining plan multiplied by
of 26% of total equity in Bhubaneshwar Power Private
the period of such mining lease. The Company had filed a
Limited (BPPL) without prior written approval of lenders.
writ petition challenging the constitutionality of the Act on
Such shareholding of promoters may be transferred to the
July 5, 2013. The Honble High Court, Cuttack passed an order
Company or its affiliates subject to compliance of applicable
on July 9, 2013 granting interim stay on the operation of the
laws. The Company along with TS Alloys Limited has pledged
Amendment Act, 2013. As a result of the stay, as on date,
60% of their equity contribution in BPPL to PFC and REC.
the Act is not enforceable and any demand received by the
(g) T S Global Minerals Holdings Pte Ltd. (formerly known as Company is not liable to be proceeded with. Meanwhile, the
Tata Steel Global Minerals Holdings Pte Ltd.), an indirect Company received demand notices for the various mines at
subsidiary and Riversdale Mining Pty Limited (formerly Odisha totalling to `5,579 crore. On the basis of external legal
Riversdale Mining Limited) have executed a deed of cross opinion, the Company has concluded that it is remote that
charge in favour of each other to secure the performance the claim will sustain on ultimate resolution of the legal case
of obligation under Joint Venture agreement and funding by the courts. In April, 2015 the Company has received an
requirements of the Joint Venture Minas De Benga (Mauritius) intimation from Government of Odisha, granting extension
Limited (formerly Rio Tinto Benga (Mauritius) Limited) upto a of validity period for leases under the MMDR Amendment
maximum amount of US$ 100 million on the shares of Minas Act, 2015 up to March 31, 2030 in respect of eight mines and
De Benga (Mauritius) Limited and all of its present and future up to March 31, 2020 for two mines subject to execution of
benefits and rights under the joint venture agreement. supplementary lease deed within 3 months from the date of
the intimation. Liability has been provided in the books of
(h) The Group has given guarantees aggregating `223.78 crore
accounts as on March 31, 2017 as per the existing provisions
(March 31, 2016: `323.44 crore, April 1, 2015: `337.29 crore)
of the Stamp Act 1899 and the Company has since paid the
details of which are as below:
stamp duty and registration charges totalling `413.72 crore
in favour of Timken India Limited for Nil,
(i) for supplementary deed execution in respect of eight mines
(March 31, 2016: `80.00 crore; April 1, 2015: `80.00 out of the above mines.
crore) against renewal of lease of land pending with

CONSOLIDATED
40. OTHER SIGNIFICANT LITIGATIONS (CONTD.) value of iron ore produced from July 18, 2014 to
August 31, 2014 i.e. `152 crore to be paid immediately.
(b) Demand notices have been raised by Deputy Director of
The Company paid `152 crore under protest. District Mining
Mines, Odisha amounting to `3,828 crore for the excess
Officer Chaibasa on March 16, 2015 has issued demand
production over the quantity permitted under the mining
notice for payment of `421.83 crore, payable in three monthly
plan scheme, environment clearance or consent to operate,
installments. The Company replied on March 20, 2015, since
during the period 2000-01 to 2009-10. The demand notices
the lease has been extended till March 31, 2030, the above
have been raised under Section 21(5) of the Mines & Minerals
demand is not tenable. The Company paid `50 crore under
(Development and Regulations) Act (MMDR). However, the
protest on July 27, 2015.
Act specifies that demand can be raised only when the land
is occupied without lawful authority. The Company is of the A writ petition was filed before Honble High Court of
view that Section 21(5) of the MMDR Act is not applicable as Jharkhand and heard on September 9, 2015. An interim
the mining is done within the sanctioned mining lease area order has been given by Honble High Court of Jharkhand on
and accordingly the Company has filed revision petitions September 18, 2015 wherein court has directed the company
before the Mines Tribunal against all such demand notices. to pay outstanding amount of `371.83 crore in 3 equal
Consequent to it stay has been granted by the Mines Tribunal installments, first installment by October 15, 2015, second
against the entire demand of `3,828 crore and directed the installment by November 15, 2015 and third installment by
State that no coercive action should be taken for recovery of December 15, 2015.
demand.
In view of the order of Honble High Court of Jharkhand,
Based on the judgement of Honble High court of Jharkhand `124 crore was paid on September 28, 2015, `124 crore was
on December 11, 2014 in the matter of writ petition filed paid on November 12, 2015 and `123.83 crore on December
by the Company for renewal of lease and continuation 14, 2015 under protest.
of operation at Noamundi iron mine, the Government of
(c) During Financial Year 2014-15, the Income Tax department
Jharkhand approved the renewal of lease of Noamundi Mines
had reopened assessments of earlier years on account of
by an express order on December 31, 2014. Express Order
excess mining and raised cumulative demand for `1,086
also held mining operation carried out between January 1,
crore. During 2015-16, the Commissioner of Income Tax
2012 to August 31, 2014 to be unlawful and computed an
(Appeals) has adjudicated the matter in favour of the
amount of `3,568 crore on account of such alleged unlawful
Company and quashed the entire demand on account of
mining.
reopened assessments. The demand outstanding as on
The Mines and Minerals Development and Regulation March 31, 2017 is Nil (March 31, 2016: Nil; April 1, 2015:
(MMDR) Amendment Ordinance 2015 promulgated on `1,086 crore).
January 12, 2015 provides for renewal of the above mines.
(d)
During the current year, NTT Docomo Inc. had filed a
Based on the new Ordinance, Jharkhand Government revised
petition with the Delhi High Court for implementation of
the Express Order on February 12, 2015 for lease renewal up
the arbitration award (damages along with cost and interest)
to March 31, 2030 with following terms and conditions:
by the London Court of International Arbitration. The Delhi
value of iron ore produced by alleged unlawful mining High Court directed Tata Sons to deposit the damages
during the period January 1, 2012 to April 20, 2014 for including costs and interest in an escrow account. During
`2,994.49 crore to be decided on the basis of disposal the year, the Company has accordingly remitted its share of
of writ petition filed before Honble High Court of 152 crore to Tata Sons and recognised a provision of
Jharkhand. 125.44 crore being the difference between the fair value
of equity shares to be repurchased and the consideration
value of iron ore produced from April 21, 2014 to
payable to NTT Docomo Inc.
July 17, 2014 amounting to `421.83 crore to be paid in
maximum 3 installments.

41. CAPITAL MANAGEMENT
The Groups capital management is intended to create value for shareholders by facilitating the meeting of long term and short term goals
of the Group.
T he Group determines the amount of capital required on the basis of annual business plan of the entities within the Group coupled with
long term and short term strategic investment and expansion plans. The funding needs are met through equity, cash generated from
operations, long and short term bank borrowings and issue of non-convertible debt securities.
T he Group monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio of the
Group.
Net debt includes interest bearing borrowings less cash and cash equivalents, other bank balances (including non-current and earmarked
balances) and current investments.
The table below summarises the capital, net debt and net debt to equity ratio of the Group.
(` crore)
As at As at As at
Equity share capital 970.24 970.24 971.41
Hybrid Perpetual Securities 2,275.00 2,275.00 2,275.00
Other equity 34,574.08 40,487.31 43,867.22
Equity attributable to shareholders of the Company 37,819.32 43,732.55 47,113.63
Non controlling interests 1,601.70 780.94 854.18
Total Equity (A) 39,421.02 44,513.49 47,967.81
Non-current borrowings 64,022.27 64,872.78 62,251.56

Current borrowings 18,328.10 15,722.12 9,693.25
Current maturities of non-current borrowings and finance lease 664.12 1,392.03 4,848.48
obligations
Gross Debt (B) 83,014.49 81,986.93 76,793.29
Total Capital (A+B) 1,22,435.51 1,26,500.42 1,24,761.10
Gross Debt as above 83,014.49 81,986.93 76,793.29

Less: Current investments 5,673.13 4,663.55 1,214.60
Less: Cash and cash equivalents 4,832.29 6,109.05 8,177.13
Less: Other balances with bank (including non-current and earmarked 142.30 115.54 113.84
balances)
Net Debt (C) 72,366.77 71,098.79 67,287.72
Net debt to equity 1.72 1.54 1.40

Net debt to equity as at March 31, 2017 and March 31, 2016 has been computed based on average equity and as on April 1, 2015, it is based
on closing equity.

CONSOLIDATED
42. DISCLOSURES ON FINANCIAL INSTRUMENTS

T his section gives an overview of the significance of financial instruments for the Group and provides additional information on balance
sheet items that contain financial instruments.
T he details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income
and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 2(r),
Page 266 to the consolidated financial statements.
(a) Financial assets and liabilities

The following table presents the carrying value and fair value of each category of financial assets and liabilities as at March 31, 2017, 2016
and April 1, 2015.
As at March 31, 2017 (` crore)
Amortised Fair value Derivative Derivative Fair value Total Total Fair
cost through other instruments instruments through Carrying Value
comprehensive in hedging not in hedging consolidated Value
income relationship relationship statement
profit and loss
Financial assets
Investments 49.93 4,858.82 - - 5,954.69 10,863.44 10,863.44
Derivatives - - 90.42 96.79 - 187.21 187.21
Loans 373.06 373.06 373.06
17,628.76 4,858.82 90.42 96.79 5,954.69 28,629.48 28,629.48
Financial liabilities
Borrowings 83,014.49 - - - - 83,014.49 84,870.68
Derivatives - - 221.47 632.18 - 853.65 853.65
1,07,349.12 - 221.47 632.18 - 1,08,202.77 1,10,058.96
As at March 31, 2016 (` crore)

profit and loss
Financial assets
Investments 34.18 4,015.45 - - 5,043.67 9,093.30 9,093.30
Derivatives - - 296.67 45.77 - 342.44 342.44
Loans 412.23 412.23 412.23
19,188.73 4,015.45 296.67 45.77 5,043.67 28,590.29 28,590.29
Borrowings 81,986.93 - - - - 81,986.93 82,321.20
Derivatives 430.06 233.69 - 663.75 663.75
1,06,507.14 - 430.06 233.69 - 1,07,170.89 1,07,505.16


As at April 1, 2015 (` crore)
profit and loss
Financial assets
Cash and bank balances 8,248.47 8,248.47 8,248.47
Trade receivables 13,579.77 13,579.77 13,579.77
Investments 0.22 10,770.14 1,603.01 12,373.37 12,373.37
Derivatives 615.77 969.74 1,585.51 1,585.51
Loans 290.09 290.09 290.09
Other financial assets 637.70 637.70 637.70
22,756.25 10,770.14 615.77 969.74 1,603.01 36,714.91 36,714.91
Trade and other payables 18,066.66 18,066.66 18,066.66
Borrowings 76,793.29 76,793.29 78,123.41
Derivatives 603.63 307.91 911.54 911.54
Other financial liabilities 6,580.63 6,580.63 6,580.64
1,01,440.58 - 603.63 307.91 - 1,02,352.12 1,03,682.23
(i)
Investments in mutual funds and derivative instruments are mandatorily classified as fair value through the consolidated statement
of profit and loss.
(b)
Fair value hierarchy
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value,
grouped into Level 1 to Level 3, as described below.
Quoted prices in an active market (Level 1): This level of hierarchy includes financial assets and liabilities, that are measured by
reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of quoted equity
shares and mutual fund investments.
Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured
using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices)
or indirectly (i.e., derived from prices). This level of hierarchy includes Groups over-the-counter (OTC) derivative contracts.
Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and
liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in
whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market
transactions in the same instrument nor are they based on available market data.
(` crore)
Financial assets:
Investments in mutual funds 5,673.13 - - 5,673.13
Investments in equity shares 4,490.38 - 405.28 4,895.66
Investments in bonds and debentures 244.72 - - 244.72
10,408.23 187.21 405.28 11,000.72
- 853.65 - 853.65

CONSOLIDATED

(` crore)
Financial assets:
8,652.84 342.44 406.28 9,401.56
- 663.75 - 663.75
(` crore)
As at April 1, 2015
Financial assets:
Derivative financial assets - 1,585.51 - 1,585.51
11,906.87 1,585.51 466.28 13,958.66
- 911.54 - 911.54
Notes:
(i) Short-term financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.
(ii) Derivatives are fair valued using market observable rates and published prices together with forecasted cash flow information where
applicable.
(iii) Investments carried at fair value are generally based on market price quotations. Cost of unquoted equity instruments has been
considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents
the best estimate of fair value within that range.
(iv) Fair value of borrowings which have a quoted market price in an active market is based on its market price which is categorised as
level 1. Fair value of borrowings which do not have an active market or are unquoted is estimated by discounting expected future cash
flows using a discount rate equivalent to the risk-free rate of return adjusted for credit spread considered by lenders for instruments
of similar maturities which is categorised as level 2 in the fair value hierarchy.
(v) Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent limitations
in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not
necessarily indicative of the amounts that the Group could have realised or paid in sale transactions as of respective dates. As such,
fair value of financial instruments subsequent to the reporting dates may be different from the amounts reported at each reporting
date.
(vi) There have been no transfers between Level 1 and Level 2 for the years ended March 31, 2017, March 31, 2016 and April 1, 2015.


(c) Derivative financial instruments
erivative instruments used by the Group include forward exchange contracts, interest rate swaps, currency swaps, options, commodity
D
futures and interest rate caps/collars. These financial instruments are used to hedge future transactions and cash flows and are subject to
hedge accounting under Ind AS 109 Financial Instruments to the extent possible. The Group does not hold or issue derivative financial
instruments for trading purposes. All transactions in derivative financial instruments are undertaken to manage risks arising from underlying
business activities.
The following table sets out the fair value of derivatives held by the Group as at the end of the reporting period.
(` crore)
Assets Liabilities Assets Liabilities Assets Liabilities
(i) Foreign currency forwards, futures and 165.07 823.57 279.05 607.78 1,560.80 622.04
options
(ii) Commodity futures and options 0.66 11.46 45.65 10.82 0.11 85.33
(iii) Interest rate swaps and collars 21.48 18.62 17.74 45.15 24.60 204.17
187.21 853.65 342.44 663.75 1,585.51 911.54
Classified as :
Non-current 83.17 179.98 32.82 165.47 88.17 174.91
Current 104.04 673.67 309.62 498.28 1,497.34 736.63

At the end of the reporting period, the total notional amount of outstanding foreign currency contracts, commodity futures, options and
interest rate swap/collars that the Group has committed to are as follows:
(USD million)
As at As at As at
(i) Foreign currency forwards, futures and options 7,282.80 6,186.69 5,994.55
(ii) Commodity futures and options 142.37 84.74 113.87
(iii) Interest rate swaps and collars 1,872.57 2,132.08 2,560.49
9,297.74 8,403.51 8,668.91
(d) Transfer of financial assets

The Group transfers certain trade receivables under discounting arrangements with banks and financial institutions. Some of such
arrangements do not qualify for de-recognition due to recourse arrangement being in place. Consequently, the proceeds received from
transfer are recorded as short-term borrowings from banks and financial institutions.
The carrying value of trade receivables not de-recognised along with the associated liabilities is as below:
(`crore)
Carrying Carrying value Carrying Carrying value Carrying Carrying value
value of of associated value of of associated value of of associated
asset liabilities asset liabilities asset liabilities
transferred transferred transferred
Trade receivables 654.88 654.88 517.46 517.46 558.98 558.98

CONSOLIDATED
(e) Financial risk management The Group, as per its risk management policy, uses foreign
exchange and other derivative instruments primarily to
In the course of its business, the Group is exposed primarily to
hedge foreign exchange rate exposure. Any weakening of the
fluctuations in foreign currency exchange rates, commodity
functional currency may impact the Groups cost of imports
prices, interest rates, equity prices, liquidity and credit risk,
and cost of borrowings and consequently may increase the
which may adversely impact the fair value of its financial
cost of financing the Groups capital expenditures.
instruments.
A 10% appreciation/depreciation of the foreign currencies
The Group has a risk management policy which not only
with respect to functional currency of the entities within
covers the foreign exchange risks but also other risks
the Group would result in a decrease/increase in the Groups
associated with the financial assets and liabilities. The risk
net profit before tax by approximately `885.74 crore for
management policy is approved by the Board of Directors.
the year ended March 31, 2017, (`804.18 crore for the year
The risk management framework aims to:
ended March 31, 2016; `960.64 crore as on April 1, 2015)
(i)
create a stable business planning environment by and increase/decrease in carrying value of property, plant
reducing the impact of currency, commodity prices and and equipment (before considering depreciation impact) by
interest rate fluctuations on the entitys business plan. approximately `185.49 crore as at March 31, 2017 (March 31,
2016: `215.55 crore).
(ii)
achieve greater predictability to earnings by
determining the financial value of the expected The foreign exchange rate sensitivity is calculated by assuming
earnings in advance. a simultaneous parallel foreign exchange rates shift of all the
currencies by 10% against the functional currency of the
(i) Market risk entities within the Group .
Market risk is the risk of any loss in future earnings, in The sensitivity analysis has been based on the composition of
realisable fair values or in future cash flows that may result the Groups financial assets and liabilities at March 31, 2017,
from a change in the price of a financial instrument. The value March 31, 2016 and April 1, 2015 excluding trade payables,
of a financial instrument may change as a result of changes trade receivables, other non-derivative and derivative financial
in interest rates, foreign currency exchange rates, commodity instruments not forming part of debt and which do not
prices, equity price fluctuations, liquidity and other market present a material exposure. The period end balances are not
changes. Future specific market movements cannot be necessarily representative of the average debt outstanding
normally predicted with reasonable accuracy. during the period.
(a) Market risk - Foreign currency exchange rate risk: (b) Market risk - Interest rate risk:
The fluctuation in foreign currency exchange rates may have Interest rate risk is measured by using the cash flow sensitivity
potential impact on the consolidated statement of profit and for changes in variable interest rates. Any movement in the
loss and equity, where any transaction references more than reference rates could have an impact on the Groups cash
one currency or where assets/liabilities are denominated in a flows as well as costs.
currency other than the functional currency of the respective
The Group is subject to variable interest rates on some of its
consolidated entities.
interest bearing liabilities. The Groups interest rate exposure
Considering the countries and economic environment in is mainly related to debt obligations.
which the Group operates, its operations are subject to risks
Based on the composition of debt as at March 31, 2017
arising from fluctuations in exchange rates in those countries.
and March 31, 2016 a 100 basis points increase in interest
The risks primarily relate to fluctuations in US Dollar, Great
rates would increase the Groups finance costs and thereby
British Pound, Euro, Singapore dollar, and Thai Baht against
consequently reduce net profit before tax by approximately
the respective functional currencies of the Company and its
`421.73 crore for the year ended March 31, 2017 (2015-16:
subsidiaries.
`424.73 crore and `389.12 crore as on April 1, 2015).

The risk estimates provided assume a parallel shift of 100 basis (iii) Credit risk
points interest rate across all yield curves. This calculation also

Credit risk is the risk of financial loss arising from counter-party
assumes that the change occurs at the balance sheet date
failure to repay or service debt according to the contractual
and has been calculated based on risk exposures outstanding
terms or obligations. Credit risk encompasses both the direct
as at that date. The period end balances are not necessarily
risk of default and the risk of deterioration of creditworthiness
representative of the average debt outstanding during the
as well as concentration risks.
period.
The entities within the Group have a policy of dealing only with
(c) Market risk - Equity price risk: credit worthy counter parties and obtaining sufficient collateral,
where appropriate as a means of mitigating the risk of financial
Equity price risk is related to the change in market reference
loss from defaults.
price of investments in equity securities held by the Group.
Financial instruments that are subject to credit risk and

The fair value of quoted investments held by the Group

concentration thereof principally consist of trade receivables,
exposes the Group to equity price risks. In general, these
loans receivables, investments, cash and cash equivalents,
investments are not held for trading purposes.
derivatives and financial guarantees provided by the Group.

The fair value of quoted equity investments as at None of the financial instruments of the Group result in
March 31, 2017, March 31, 2016 and April 1, 2015, was material concentration of credit risk.
`4,490.38 crore, `3,643.86 crore and `10,330.86 crore
The carrying value of financial assets represents the maximum
respectively.
credit risk. The maximum exposure to credit risk was
A 10% change in equity prices of investments held as at 16,188.63 crore, 15,953.78 crore, 16,218.92 crore, as at
March 31, 2017, March 31, 2016 and April 1, 2015, would result March 31, 2017, March 31, 2016 and April 1, 2015 respectively,
in an impact of `449.03 crore, `364.38 crore and `1,033.08 being the total carrying value of trade receivables, balances
crore respectively on equity before considering tax impact. with bank, bank deposits, investments in debt securities and
other financial assets.
(ii) Commodity risk
The risk relating to trade receivables is presented in Note 15,
The Group makes use of commodity futures contracts Page 290.
and options to manage its purchase price risk for certain

The Groups exposure to customers is diversified and there
commodities. Across the Group forward purchases are also
is no concentration of credit risk with respect to any particular
made of zinc, tin and nickel to cover sales contracts with fixed
customer as at March 31, 2017, March 31, 2016 and April 1,
metal prices.
2015.
There was no significant market risk relating to the income
In respect of financial guarantees provided by the Group to
statement since the majority of commodity derivatives are
banks and financial institutions, the maximum exposure which
treated as cash flow hedges with movements being reflected
the Group is exposed to is the maximum amount which the
in equity and the timing and recognition in the income
Group would have to pay if the guarantee is called upon. Based
statement would depend on the point at which the underline
on the expectation at the end of the reporting period, the Group
hedged transactions were also recognised.
considers that it is more likely than not that such an amount will
not be payable under the guarantees provided.

CONSOLIDATED
(iv) Liquidity risk

Liquidity risk refers to the risk that the Group cannot meet its financial obligations. The objective of liquidity risk management is to
maintain sufficient liquidity and ensure that funds are available for use as per requirements.
The Group has obtained fund and non-fund based working capital lines from various banks. Furthermore, the Group has access to
funds from debt markets through commercial paper programs, non-convertible debentures and other debt instruments. The Group
invests its surplus funds in bank fixed deposit and mutual funds, which carry no or low mark to market risk.
The following table shows a maturity analysis of the anticipated cash flows including interest obligations for the Groups derivative and non-
derivative financial liabilities on an undiscounted basis, which therefore differ from both carrying value and fair value. Floating rate interest
is estimated using the prevailing interest rate at the end of the reporting period. Cash flows in foreign currencies are translated using the
period end spot rates.
(`crore)
Carrying Contractual less than one between one to More than five
value cash flows year five years years
Borrowings including interest obligations 83,014.49 1,05,464.32 21,183.49 50,574.60 33,706.23
Trade payables 18,574.46 18,574.46 18,574.46 - -
1,07,349.12 1,29,798.95 45,409.35 50,610.89 33,778.71
(`crore)
Trade payables 18,556.70 18,556.70 18,556.70 - -
1,06,507.14 1,31,606.00 43,542.14 45,846.87 42,216.99
(`crore)
As at April 1, 2015
Trade payables 18,066.66 18,066.66 18,066.66 - -
1,01,440.58 1,33,543.45 41,312.40 42,353.69 49,877.36

43. SEGMENT REPORTING
(I) The Group is engaged in the business of manufacturing steel products across the globe. The operating segments have been identified
based on the different geographical areas where major entities within the Group operate and which is also the basis on which the
Chief Operating Decision Maker (CODM) reviews and assess the Groups performances.
The Groups reportable segments and segment information is presented below:
(` crore)
Tata Steel Other Indian Tata Steel Other trade South- Rest of the Inter-segment Total
India operations Europe related East Asian world eliminations
operations operations
Segment revenue
External revenue 48,741.51 5,142.09 52,017.48 3,258.07 7,653.25 607.54 - 1,17,419.94
39,718.65 4,595.53 53,225.87 840.44 7,558.92 400.51 - 1,06,339.92
Intersegment revenue 4,519.45 1,557.75 67.48 20,493.30 482.65 22.41 (27,143.04) -
2,978.79 1,631.10 329.49 14,196.83 508.05 140.55 (19,784.81) -
Total Revenue 53,260.96 6,699.84 52,084.96 23,751.37 8,135.90 629.95 (27,143.04) 1,17,419.94
42,697.44 6,226.63 53,555.36 15,037.27 8,066.97 541.06 (19,784.81) 1,06,339.92
Segment results before 11,952.75 580.08 4,704.91 261.62 531.27 (19.56) (985.70) 17,025.37
exceptional items, interest, 7,792.31 606.91 (513.20) 1,278.10 197.41 (152.63) (1,258.11) 7,950.79
tax and depreciation :
Segment results include:
Share of profit/(loss) of joint (30.01) 2.53 48.29 - (13.16) - - 7.65
ventures and associates (89.69) 1.65 (14.05) - (8.33) - - (110.42)
Reconciliation to profit/
(loss) for the year:
Finance income 517.57
319.34
Finance cost 5,072.20
4,221.41
Depreciation and 5,672.88
Amortisation 5,306.35
Profit before exceptional 6,797.86
items and tax (1,257.63)
Exceptional items (4,324.23)
3,990.38
Profit before tax 2,473.63
2,732.75
Tax 2,778.01
689.96
Profit after tax from (304.38)
continuing operations 2,042.79
Profit after tax from (3,864.19)
discontinued operations (2,539.88)
Net profit/(loss) for the (4,168.57)
period (497.09)
Segment assets 1,09,180.60 5,532.26 43,687.31 43,413.50 5,091.43 7,904.66 (41,476.52) 1,73,333.24
1,02,929.47 4,910.99 55,585.99 42,616.15 4,936.98 7,347.91 (40,816.05) 1,77,511.44
Segment assets include:
Equity accounted investments 1,281.05 25.62 275.26 - 11.75 - - 1,593.68
1,295.14 33.93 275.66 - 15.68 - - 1,620.41
Segment liabilities 62,542.95 3,274.90 73,061.71 33,208.34 2,724.50 2,205.11 (43,105.29) 1,33,912.22
59,213.64 2,894.21 78,656.38 25,471.36 2,797.20 6,213.81 (42,248.65) 1,32,997.95
Additions to non-current 3,846.73 419.81 3,665.80 3.17 5.38 216.67 - 8,157.56
assets 6,074.92 367.67 3,539.24 0.57 32.03 1,582.09 - 11,596.52
Figures in italics represents comparative figures of previous year.

CONSOLIDATED
43. SEGMENT REPORTING (CONTD.)

Details of revenue by nature of business is as below:
(` crore)
March 31, 2017 March 31, 2016
Steel 1,05,611.52 96,321.74
Others 11,808.42 10,018.18
1,17,419.94 1,06,339.92
Revenue from other business primarily relate to from ferro alloys, power, town and medical services.
Details of revenue based on geographical location of customers is as below:
(` crore)
March 31, 2017 March 31, 2016
India 50,982.81 43,603.61
Outside India 66,437.13 62,736.31
1,17,419.94 1,06,339.92
Revenue outside India primarily relates to the United Kingdom and other European countries.
Details of non-current assets (property, plant and equipment, intangibles and goodwill on consolidation) based on geographical
area is as below:
(` crore)
As at As at
March 31, 2017 March 31, 2016
India 81,097.26 80,455.74
Outside India 26,693.42 27,740.11
1,07,790.68 1,08,195.85
Notes:
(i) Segment performance is reviewed by the CODM on the basis of profit or loss from continuing operations before finance income
and finance cost, depreciation and amortisation and tax expenses. Segment results reviewed by the CODM also exclude income or
expenses which are non-recurring in nature and are classified as exceptional.
Information about segment assets and liabilities provided to the CODM, however, include the related assets and liabilities arising on
account of items excluded in measurement of segment results. Such amounts, therefore, form part of the reported segment assets
and liabilities.
(ii) No single customer represents 10% or more of the Groups total revenue during the year ended March 31, 2017 and March 31, 2016
(iii) The accounting policies of the reportable segments are the same as of the Groups accounting policies.

44. RELATED PARTY TRANSACTIONS

The Groups related parties primarily consists of its associates and joint ventures, Tata Sons Limited including its subsidiaries and joint
ventures. The Groups routinely enters into transactions with these related parties in the ordinary course of business at market rates
and terms. Transactions and balances between the Company, its subsidiaries and fellow subsidiaries are eliminated on consolidation.
The following table summarises related-party transactions and balances included in the consolidated financial statements for the year
ended/as at March 31, 2017, March 31, 2016 and April 1, 2015.
(` crore)
Tata Sons and its
Joint subsidiaries and
Associates Total
Arrangements joint ventures
Purchase of goods 591.96 261.68 1,055.02 1,908.66
537.74 411.83 580.93 1,530.50
Sale of goods 814.09 1,942.58 190.15 2,946.82

657.35 1,923.24 63.48 2,644.07
Services received 13.88 1,894.82 111.40 2,020.10

29.90 1,212.42 118.95 1,361.27
Services rendered 14.57 102.17 0.85 117.59

9.15 110.54 0.23 119.92
Interest income recognised - 0.39 - 0.39

- 1.79 - 1.79
Interest expenses recognised - - 16.16 16.16

0.94 0.37 0.83 2.14
Dividend paid - - 236.48 236.48

- - 236.61 236.61
Dividend received 23.83 48.36 0.54 72.73

9.50 43.32 40.94 93.76
Provision for receivables recognised during the year - - - -

0.03 - - 0.03
Management contracts 0.86 1.89 131.22 133.97

0.71 0.88 145.41 147.00
Purchase of Investments - - - -
8.15 - - 8.15
Sale of Investments - - - -
- - 2,603.63 2,603.63
Finance provided during the year - 7.00 - 7.00

0.91 60.61 7.69 69.21
- 207.47 - 207.47

CONSOLIDATED
44. RELATED PARTY TRANSACTIONS (CONTD.)
(` crore)
Tata Sons and its
Joint subsidiaries and
Associates Total
Arrangements joint ventures
Outstanding loans and receivables 95.19 1,056.44 82.03 1,233.66
80.34 1,269.78 38.56 1,388.68
87.37 1,319.97 37.04 1,444.38
Provision for outstanding loans and receivables 2.98 944.66 - 947.64

3.50 990.43 - 993.93
3.37 899.00 - 902.37
Outstanding Payables 56.52 435.89 288.21 780.62

75.87 339.23 229.01 644.11
91.56 316.20 233.77 641.53
Guarantees provided outstanding - 222.56 - 222.56

- 242.22 - 242.22
- 256.07 - 256.07

(i) The details of remuneration paid to the managerial personnel is provided in Note 30, Page 307.
In addition, during the year the Group has paid dividend of `21,936.00 (2015-16: `21,936.00) to key managerial personnel and
`2,648.00 (2015-16: `2,648.00) to relatives of key managerial personnel.
(ii) During the year, the Group has contributed `471.09 crore (2015-16: `865.30 crore) to post employment benefit plans.
(iii) Transactions with joint ventures have been disclosed at full value and not at their proportionate share.

45. ADOPTION OF INDIAN ACCOUNTING ii. Business combination

STANDARDS (IND AS)

The Group has elected to apply the principles of
Ind AS 103, Business Combinations retrospectively to
A. Mandatory exceptions to retrospective application
acquisitions made on or after April 2, 2007. The assets acquired
The Group has applied the following exceptions to the and liabilities assumed in such business combinations have
retrospective application of Ind AS as mandatorily required thus been accounted for at their respective fair values as on
under Ind AS 101 First Time Adoption of Indian Accounting the acquisition date adjusted till the date of transition and for
Standards. subsequent reporting periods.
(i) Estimates iii. Designation of previously recognised financial

instruments
On assessment of estimates made under the Previous GAAP
financial statements, the Group has concluded that there is s per Ind AS 109, Financial Instruments at initial recognition
A
no necessity to revise such estimates under Ind AS, as there is of a financial asset, an entity may make an irrevocable election
no objective evidence of an error in those estimates. to present subsequent changes in fair value of an investment in
equity instrument in other comprehensive income.
(ii) Classification and measurement of financial assets
Ind AS 101 First time Adoption of Indian Accounting Standards
The classification of financial assets to be measured at allows such designation of previously recognised financial
amortised cost or fair value through other comprehensive assets as fair value through other comprehensive income on
income is made on the basis of facts and circumstances that the basis of facts and circumstances that existed at the date of
existed on the date of transition to Ind AS. transition to Ind AS.
Accordingly, the Group has designated its investments in
B. Optional exemptions from retrospective application
equity instruments at fair value through other comprehensive
Ind AS 101 First time adoption of Indian Accounting income on the basis of facts and circumstances that existed at
Standards permits Companies adopting Ind AS for the first the date of transition to Ind AS.
time to take certain exemptions from the full retrospective
application of Ind AS during transition. The Group has iv. Effects of changes in exchange rates
accordingly on transition to Ind AS availed the following key
In respect of long term foreign currency monetary items
exemptions:
recognised in the financial statements for the period ending
immediately before the beginning of the first Ind AS financial
i. Fair value as deemed cost for items of property, plant
reporting period, the Company and some of its subsidiaries
and equipment
have elected to recognise exchange differences on translation
The Company and some of its subsidiaries has elected to treat of such long term foreign currency monetary items in line with
fair value as deemed cost for certain items of its property, their Previous GAAP accounting policy.
plant and equipment.
In respect of long term foreign currency monetary items
The aggregate fair value of property, plant and equipment recognised in the financial statements beginning with the first
where the exemption was availed amounted to 47,580.78 Ind AS financial reporting period, exchange differences are
crore with an aggregate adjustment of 14,129.68 crore recognised in the consolidated statement of profit and loss
being recognised to the carrying value reported under the
Previous GAAP.

CONSOLIDATED
46. EXPLANATION OF TRANSITION TO IND AS

C. Transition to Ind AS - Reconciliations
The following reconciliations provide the explanation and qualification of the differences arising from the transition from Previous GAAP to
Ind AS in accordance with Ind AS 101 First Time Adoption of Indian Accounting Standards.
(a) Reconciliation of total equity as at April 1, 2015 and March 31, 2016.
(b) Reconciliation of total comprehensive income for the year ended March 31, 2016.
(c) Reconciliation of consolidated statement of cash flows for the year ended March 31, 2016.
Previous GAAP figures have been reclassified/regrouped wherever necessary to confirm with the financial statements prepared under Ind
AS.
(a) Reconciliation of total equity

(` crore)
Note As at As at
March 31, 2016 April 1, 2015
Equity as per Previous GAAP 28,478.86 31,349.41
Re-measurements on transition to Ind AS:
(1) Property, plant and equipment (ii) 21,012.12 14,041.01
(2) Financial instruments (i) 3,904.78 10,458.08
(3) Re-classification of Hybrid Perpetual Securities (v) 2,275.00 2,275.00
(4) Reversal of proposed dividend and tax thereon (vii) 946.37 943.15
(5) Leases (iii) (153.69) (164.92)
(6) Employee benefits (viii) 531.82 1,414.91
(7) Change in method/scope of consolidation (vi) 902.68 610.52
(8) Re-classification of non-controlling interests (x) 935.89 1,016.58
(9) Business combinations (iv) (7,677.03) (7,229.09)
(10) Others (xi) (380.35) (346.84)
(11) Tax impact on above adjustments (ix) (6,262.96) (6,400.00)
Equity as per Ind AS 44,513.49 47,967.81
(b) Reconciliation of total comprehensive income

(` crore)
Note Year ended
March 31, 2016
Profit/(loss) after tax as per Previous GAAP (3,049.32)
Re-measurements on transition to Ind AS:
(1) Financial instruments (i) (3,761.81)
(2) Property, plant and equipment (ii) 7,207.40
(3) Employee benefits (viii) (1,707.18)
(4) Others (xi) 81.40
(5) Tax impact on above adjustments (ix) 732.42
Profit/(loss) after tax as per Ind AS (497.09)
Other Comprehensive Income/(loss) (xii) (1,898.17)
Total Comprehensive Income/(loss) as per Ind AS (2,395.26)

46. EXPLANATION OF TRANSITION TO IND AS (CONTD.)
(c) Reconciliation of consolidated statement of cash flows

(` crore)
Amount as per Effect of transition Amount as per Ind
Note Previous GAAP to Ind AS AS
Net cash generated from/(used in) operating activities (xiii-xv) 11,116.96 338.39 11,455.35
Net cash generated from/(used in) investing activities (xiii-xv) (9,192.46 ) (61.36) (9,253.82)
Net cash generated from/(used in) financing activities (xiii-xv) (4,313.77) (415.35) (4,729.12)
Net increase/(decrease) in cash and cash equivalents (2,389.40) (138.19) (2,527.59)
Cash and cash equivalents as at April 1, 2015 (xiii-xv) 8,525.66 (348.53) 8,177.13
Effect of exchange rate on translation of foreign currency (xiii-xv) 472.73 (13.22) 459.51
cash and cash equivalents
Cash and cash equivalents as at March 31, 2016 (xiii-xv) 6,608.99 (499.94) 6,109.05
Notes to reconciliation of total equity and total comprehensive at each reporting date through the consolidated statement
income of profit and loss except where designated in a hedging
relationship.
(i) Financial Instruments
(a)
In accordance with Ind AS 109 Financial Instruments, (ii) Property, plant and equipment
investments in quoted equity instruments (other than
On transition to Ind AS, the Company and some of its
in subsidiaries, associates and joint ventures) have been
subsidiaries have treated fair value as deemed cost for certain
recognised at fair value at each reporting date through other
items of property, plant and equipment resulting in an uplift
in the carrying value as compared to the Previous GAAP.
Consequently, on eventual sale of such investments, profit or
The consequential impact of additional depreciation on fair
loss recognised in the consolidated statement of profit and
value uplift is recognised in the consolidated statement of
loss under the Previous GAAP has been reversed as the fair
profit and loss.
value changes are recognised through other comprehensive
income.
(iii) Leases
(b)
As per Ind AS 17, Leases, the Group has assessed long term
premium payable on redemption, discount on issue,
arrangements, fulfilment of which is dependant on use of
transaction costs on issue of bonds and debentures are
specified assets and where the Group has the right to control
required to be considered as effective finance costs and
the use of such assets for being in the nature of a lease.
recognised in the consolidated statement of profit and loss
using the effective interest rate. This resulted in certain arrangements being treated as a lease
and classified as finance lease. The impact on total equity
Consequently, premium on redemption/discount on issue
and profit and loss is on account of timing difference in
and transaction costs recognised directly in equity or
recognition of expenses under the lease accounting model
amortised using a different approach under the Previous
as compared to those recognised under the Previous GAAP.
GAAP have been reversed and are now recognised through
the consolidated statement of profit and loss using effective
(iv) Business combinations
interest rate.
The Group has fair valued business combinations effected
(c)
on or after April 2, 2007. The assets acquired and liabilities
investments in mutual funds are recognised at fair value
assumed in such business combinations have thus been
through the consolidated statement of profit and loss at each
recorded at fair values on the date of acquisition and adjusted
reporting period.
for subsequent depreciation and amortisation till the date of
(d) In accordance with Ind AS 109 Financial Instruments, all transition to Ind AS and for subsequent reporting periods.
derivative financial instruments are recognised at fair value as

CONSOLIDATED
(v) Re-classification of Hybrid Perpetual Securities (ix) Deferred Taxes

In accordance with Ind AS 109 Financial Instruments, In accordance with Ind AS 12, Income Taxes, the Company
Hybrid Perpetual Securities have been re-classified as equity on transition to Ind AS has recognised deferred tax on
based on its substance and the fact that the Company has temporary differences, i.e. based on balance sheet approach
an unconditional right to avoid making payments on the as compared to the earlier approach of recognising deferred
instrument as per the contractual terms. taxes on timing differences , i.e. profit and loss approach.
The tax impacts as above primarily represent deferred
(vi) Equity accounting of joint ventures and changes in scope
tax consequences arising out of Ind AS re-measurement
of consolidation
changes.
In accordance with Ind AS 28, Investments in Associates and
Joint Ventures, the Group has accounted for its joint ventures (x) Non-controlling Interests
using the equity method unlike proportionate line by line
Under the Previous GAAP, non-controlling interest was
method under the previous GAAP.
not considered as part of total equity and was presented
In addition, certain entities consolidated as subsidiaries separately. In the consolidated statement of profit and loss,
under the Previous GAAP have been consolidated as joint share of non-controlling interest for the year was shown as a
ventures and accounted for using the equity method under deduction from Groups profit or loss.
Ind AS.
Under Ind AS, non-controlling interests are considered as a
part of total equity and its share in profit or loss for the year
(vii) Reversal of proposed dividend
and total comprehensive income is shown as an allocation
In accordance with Ind AS 8 Accounting Policies, Changes in instead of as a deduction from profit or loss for the year.
Accounting Estimates and Errors, dividend recommended by
Further, under Ind AS, profit or loss and each component
the Board of Directors is recognised only once approved by
of other comprehensive income is attributed to the owners
the shareholders as compared to the Previous GAAP where it
of the Company and to non-controlling interests even if
was considered as an adjusting event.
this results in the non-controlling interests having a deficit
balance. Under the Previous GAAP, the excess of such losses
(viii) Employee benefits
attributable to non-controlling interests over its interest
(a)
In accordance with Ind AS 19, Employee benefits in the equity of subsidiary was attributed to the owners of
re-measurement gains and losses on post employment the Company.
defined benefit obligations are recognised in other
comprehensive income as compared to the consolidated (xi) Other Adjustments
statement of profit and loss under the Previous GAAP.
(a) In accordance with Ind AS 20 Government Grants, duty
(b) Interest expense/income on the net defined benefit liability/ saved on import of capital goods and spares under the EPCG
asset is recognised in the consolidated statement of profit and scheme has been treated as a Government grant.
loss using the discount rate used for defined benefit obligation
The benefit has been grossed up with the cost of the related
as compared to the expected rate used for recognising income
asset and has been recognised as a deferred income. Such
from plan assets under the Previous GAAP.
deferred income is released to the consolidated statement
(c) Plan administration costs are recognised in the consolidated of profit and loss based on fulfilment of related export
statement of profit and loss as and when incurred, as obligations. The duty benefit grossed up to the cost of the
compared to the Previous GAAP where the same was asset is depreciated based on its useful economic life or as
included in the valuation of obligations or assets as the case and when the spares are consumed.
may be.
(b) Other adjustments also include consequential impact on
inventory valuation due to Ind AS transition.

(xii) Other comprehensive Income (xiv) On transition to Ind AS, long term arrangements have been
assessed as being in the nature of a lease and classified as
Under Ind AS, all items of income and expense recognised
finance leases, where applicable. Under the Previous GAAP,
during the year are included in the profit or loss for the year,
such long term contracts were treated as a normal contract
unless Ind AS requires or permits otherwise. Items that are not
for purchase of output. Payments made under such contracts
recognised in profit or loss but are shown in the consolidated
have therefore been re-classified as part of financing activities
statement of profit and loss and other comprehensive
under Ind AS as compared to operating activities under the
income include re-measurements gains or losses on defined
Previous GAAP.
benefit plans, effective portion of gains or losses on cash flow
hedges, fair value changes of equity investments and foreign As a result, cash flow from operating activities under Ind AS is
currency translation differences of foreign subsidiaries. higher and cash flow from financing activities is lower.
The concept of other comprehensive income did not exist
(xv) Under the Previous GAAP, joint ventures were consolidated
under the Previous GAAP.
using line by line proportionate method whereas under Ind
AS joint ventures have been accounted for using the equity
Notes to reconciliation of consolidated statement of cash flows
method. As a result, proportionate cash flows for operating,
(xiii)
The Group transfers trade receivables under discounting investing and financing activities including cash and cash
arrangements with banks and financial institutions. Some equivalents of joint ventures included in the consolidated
of the arrangements do not meet the de-recognition criteria cash flow under the Previous GAAP do not form part of
due to recourse arrangements being in place. Consequently, consolidated cash flow under Ind AS.
proceeds received from such transactions are recorded as
short term borrowings and trade receivables continue to be 47. DIVIDEND
recognised in the consolidated financial statements. Under The dividends declared by the Company are based on the
the Previous GAAP, such transactions were de-recognised profits available for distribution as reported in the financial
and recorded as a sale. statements of the Company. On May 16, 2017, the Board
of Directors of the Company have proposed a dividend of
As a result, cash flow from operating activities under Ind AS is
10 per share in respect of the year ended March 31, 2017
lower and cash flow from financing activities is higher.
subject to the approval of shareholders at the Annual General
Meeting. If approved, the dividend would result in a cash
outflow of 1,167.76 crore inclusive of a dividend distribution
tax of 197.72 crore.

48. STATEMENT OF NET ASSETS AND PROFIT OR LOSS ATTRIBUTABLE TO OWNERS AND MINORITY INTEREST
342
Name of the Entity Reporting Net Assets, i.e. total assets Share in profit or (loss) Share in other Share in total
Currency minus total liabilities comprehensive income comprehensive income
As % of Amount As % of Amount As % of Amount As % of total Amount

consolidated consolidated consolidated comprehensive
net assets profit or loss other income
comprehensive
income NOTES
A. PARENT
Tata Steel Limited INR 19.64% 51,934.01 (44.44%) 3,444.55 (27.94%) 675.79 (40.52%) 4,120.34
B. SUBSIDIARIES
a) Indian
1 Adityapur Toll Bridge Company Limited INR 0.02% 39.79 0.05% (3.50) 0.00% - 0.03% (3.50)
2 Tata Steel Special Economic Zone Limited INR 0.05% 132.62 0.02% (1.31) 0.00% (0.00) 0.01% (1.31)
3 Indian Steel & Wire Products Ltd. INR 0.02% 63.41 (0.08%) 6.12 0.04% (0.97) (0.05%) 5.15
4 Jamshedpur Utilities & Services Company Limited INR 0.02% 63.88 (0.67%) 51.56 0.00% 0.05 (0.51%) 51.61
5 Haldia Water Management Limited INR (0.06%) (160.84) 0.18% (13.57) 0.00% - 0.13% (13.57)
6 Rujuvalika Investments Limited INR 0.03% 84.14 (0.03%) 2.38 (0.80%) 19.41 (0.21%) 21.79
7 T S Alloys Limited INR 0.04% 112.79 (0.01%) 0.84 0.01% (0.14) (0.01%) 0.70
8 Tata Korf Engineering Services Ltd. INR 0.00% (9.80) 0.00% (0.02) 0.00% - 0.00% (0.02)
9 Tata Metaliks Ltd. INR 0.08% 207.18 (1.50%) 116.48 0.09% (2.26) (1.12%) 114.22
10 Tata Sponge Iron Limited INR 0.34% 864.85 (0.75%) 58.18 0.06% (1.36) (0.56%) 56.82
11 TSIL Energy Limited INR 0.00% 1.14 0.00% 0.03 0.00% - 0.00% 0.03
12 Kalzip India Private Limited INR 0.00% 10.33 (0.01%) 0.90 0.00% - (0.01%) 0.90
13 Tata Steel International (India) Limited INR 0.02% 43.18 (0.05%) 4.06 0.00% - (0.04%) 4.06

14 Tata Steel Odisha Limited INR 0.00% (0.01) 0.00% (0.02) 0.00% - 0.00% (0.02)
forming part of the consolidated financial statements
15 Tata Steel Processing and Distribution Limited INR 0.20% 536.76 (0.52%) 40.41 0.07% (1.76) (0.38%) 38.65
16 Tayo Rolls Limited INR (0.15%) (422.66) 1.08% (84.00) 0.00% 0.02 0.83% (83.98)
17 Tata Pigments Limited INR 0.02% 46.45 (0.08%) 6.46 0.03% (0.68) (0.06%) 5.78
18 The Tinplate Company of India Ltd INR 0.25% 622.29 (0.36%) 27.86 0.14% (3.27) (0.24%) 24.59
19 Tata Steel Foundation INR 0.00% 0.99 0.00% (0.01) 0.00% - 0.00% (0.01)
b) Foreign
1 ABJA Investment Co. Pte. Ltd. USD (0.10%) (265.46) (0.97%) 75.52 0.00% - (0.74%) 75.52
2 NatSteel Asia Pte. Ltd. USD 0.56% 1,493.07 0.94% (72.97) 3.87% (93.62) 1.64% (166.59)
3 TS Asia (Hong Kong) Ltd. USD 0.04% 115.31 (0.19%) 15.01 0.00% - (0.15%) 15.01
4 Tata Steel (KZN) (Pty) Ltd. ZAR (0.38%) (1,011.91) 0.00% - 0.00% - 0.00% -
5 T Steel Holdings Pte. Ltd. GBP 17.98% 47,527.01 0.00% (0.07) 0.00% - 0.00% (0.07)
6 T S Global Holdings Pte Ltd. GBP 11.88% 31,410.60 69.17% (5,361.11) 0.00% - 52.72% (5,361.11)
7 Orchid Netherlands (No.1) B.V. EUR 0.00% 1.58 0.00% (0.02) 0.00% - 0.00% (0.02)
8 NatSteel Holdings Pte. Ltd. SGD 0.00% 2.49 (0.25%) 19.60 (0.16%) 3.90 (0.23%) 23.50
9 Easteel Services (M) Sdn. Bhd. MYR 0.01% 28.78 0.00% (0.33) 0.00% - 0.00% (0.33)
10 Eastern Steel Fabricators Philippines, Inc. SGD (0.02%) (39.91) 0.00% - 0.00% - 0.00% -
11 NatSteel (Xiamen) Ltd. CNY (0.04%) (101.09) (1.23%) 95.39 0.00% - (0.94%) 95.39
12 NatSteel Recycling Pte Ltd. SGD 0.07% 195.06 (0.05%) 4.23 0.00% - (0.04%) 4.23
13 NatSteel Trade International (Shanghai) Company Ltd. CNY 0.00% (0.27) 0.00% (0.07) 0.00% - 0.00% (0.07)
CONSOLIDATED
48. STATEMENT OF NET ASSETS AND PROFIT OR LOSS ATTRIBUTABLE TO OWNERS AND MINORITY INTEREST (CONTD.)

REPORT

comprehensive
NOTES
INTEGRATED
income
14 NatSteel Trade International Pte. Ltd. USD 0.01% 15.03 (0.01%) 0.75 0.00% - (0.01%) 0.75
15 NatSteel Vina Co. Ltd. VND 0.03% 75.59 (0.09%) 7.19 0.00% - (0.07%) 7.19
16 The Siam Industrial Wire Company Ltd. THB 0.38% 1,003.63 (1.10%) 85.01 (0.04%) 0.85 (0.84%) 85.86
17 TSN Wires Co., Ltd. THB 0.02% 56.85 0.13% (10.05) (0.01%) 0.16 0.10% (9.89)
1-64
18 Tata Steel Europe Limited GBP 6.39% 16,877.27 12.64% (979.59) 0.00% - 9.64% (979.59)
19 Apollo Metals Limited USD 0.03% 70.62 (0.51%) 39.57 (0.20%) 4.73 (0.44%) 44.30
20 Augusta Grundstucks GmbH EUR 0.00% (1.87) 0.01% (1.12) (0.01%) 0.30 0.01% (0.82)
21 Automotive Laser Technologies Limited GBP 0.00% - 0.00% - 0.00% - 0.00% -
22 B S Pension Fund Trustee Limited GBP 0.01% 17.93 0.00% - 0.00% - 0.00% -
23 Beheermaatschappij Industriele Produkten B.V. EUR (0.02%) (47.80) 0.00% (0.34) 0.00% - 0.00% (0.34)
REPORTS
24 Bell & Harwood Limited GBP 0.00% (10.23) 0.00% - 0.00% - 0.00% -
STATUTORY
25 Blastmega Limited GBP 0.28% 753.24 0.00% - 0.00% - 0.00% -

26 Blume Stahlservice GmbH EUR 0.02% 53.02 0.13% (10.45) 0.06% (1.44) 0.12% (11.89)
27 Blume Stahlservice Polska Sp.Z.O.O PLZ 0.00% - 0.00% 0.06 0.00% - 0.00% 0.06
28 Bore Samson Group Limited GBP 0.05% 121.54 0.00% - 0.00% - 0.00% -
29 Bore Steel Limited GBP 0.05% 138.07 0.00% - 0.00% - 0.00% -
65-160
30 British Guide Rails Limited GBP 0.01% 39.35 0.00% - 0.00% - 0.00% -
31 British Steel Corporation Limited GBP 0.09% 247.04 0.00% - 0.00% - 0.00% -
32 British Steel Directors (Nominees) Limited GBP 0.00% - 0.00% - 0.00% - 0.00% -
33 British Steel Engineering Steels (Exports) Limited GBP 0.00% - 0.00% - 0.00% - 0.00% -
34 British Steel Nederland International B.V. EUR 0.16% 432.16 (0.07%) 5.56 0.00% - (0.05%) 5.56
35 British Steel Service Centres Limited GBP 0.16% 433.06 0.00% - 0.00% - 0.00% -
36 British Tubes Stockholding Limited GBP 0.03% 85.29 0.00% - 0.00% - 0.00% -
FINANCIAL
37 C V Benine EUR 0.01% 15.00 0.00% - 0.00% - 0.00% -

STATEMENTS
38 C Walker & Sons Limited GBP 0.05% 131.58 0.00% - 0.00% - 0.00% -
39 Catnic GmbH EUR 0.02% 40.57 (0.05%) 4.03 0.00% - (0.04%) 4.03
40 Catnic Limited GBP 0.00% (0.49) 0.10% (8.10) 0.00% - 0.08% (8.10)
41 CBS Investissements SAS EUR 0.00% 1.64 0.00% 0.15 0.00% - 0.00% 0.15
42 Cogent Power Inc. CAD 0.06% 146.88 (0.09%) 6.80 0.00% - (0.07%) 6.80
161-351
43 Tata Steel International Mexico SA de CV USD 0.00% (0.45) 0.01% (0.46) 0.00% - 0.00% (0.46)
44 Cogent Power Inc. USD 0.01% 19.75 0.11% (8.21) 0.00% - 0.08% (8.21)
45 Cogent Power Limited GBP 0.04% 107.16 0.00% (0.12) 0.00% - 0.00% (0.12)
46 Color Steels Limited GBP 0.01% 36.71 0.00% - 0.00% - 0.00% -
47 Corbeil Les Rives SCI EUR 0.00% 8.51 0.00% - 0.00% - 0.00% -
48 Corby (Northants) & District Water Company Limited GBP 0.00% 4.65 0.00% - 0.00% - 0.00% -
49 Cordor (C& B) Limited GBP 0.00% 2.63 0.00% - 0.00% - 0.00% -

50 Corus Aluminium Verwaltungsgesellschaft Mbh EUR 0.00% 3.60 (0.11%) 8.23 0.00% - (0.08%) 8.23
51 Corus Beteiligungs GmbH EUR 0.00% 1.76 0.24% (18.35) 0.00% - 0.18% (18.35)
52 Corus Building Systems Bulgaria AD LEV (0.01%) (23.98) 0.03% (2.32) 0.00% - 0.02% (2.32)
53 Corus CNBV Investments GBP 0.00% - 0.00% - 0.00% - 0.00% -
343
344

comprehensive
income NOTES
54 Corus Cold drawn Tubes Limited GBP (0.01%) (13.95) 0.00% - 0.00% - 0.00% -
55 Corus Engineering Steels (UK) Limited GBP 0.14% 370.97 0.00% - 0.00% - 0.00% -
56 Corus Engineering Steels Holdings Limited GBP 1.37% 3,629.26 0.00% - 0.00% - 0.00% -
57 Corus Engineering Steels Limited GBP 1.46% 3,851.26 0.00% - 0.00% - 0.00% -
58 Corus Engineering Steels Overseas Holdings Limited GBP 0.00% 8.05 0.00% - 0.00% - 0.00% -
59 Corus Engineering Steels Pension Scheme Trustee GBP 0.00% - 0.00% - 0.00% - 0.00% -
Limited
60 Corus Group Limited GBP 0.33% 868.46 3.52% (273.03) 0.00% - 2.68% (273.03)
61 Corus Holdings Limited GBP 0.00% 3.35 (0.01%) 0.52 0.00% - (0.01%) 0.52
62 Corus International (Overseas Holdings) Limited GBP 1.44% 3,806.01 (0.81%) 62.86 0.00% - (0.62%) 62.86
63 Corus International Limited GBP 0.93% 2,447.49 (0.11%) 8.85 0.00% - (0.09%) 8.85
64 Corus International Romania SRL. RON 0.00% 0.40 0.00% 0.01 0.00% - 0.00% 0.01
65 Corus Investments Limited GBP 0.07% 183.68 0.00% - 0.00% - 0.00% -
66 Corus Ireland Limited EUR 0.00% 5.34 (0.01%) 1.08 0.00% - (0.01%) 1.08
67 Corus Large Diameter Pipes Limited GBP 0.22% 589.10 0.00% - 0.00% - 0.00% -
68 Corus Liaison Services (India) Limited GBP (0.01%) (19.36) 0.00% - 0.00% - 0.00% -
69 Corus Management Limited GBP (0.14%) (367.21) 0.00% - 0.00% - 0.00% -
70 Corus Primary Aluminium B.V. EUR (0.05%) (121.51) 0.03% (2.49) 0.00% - 0.02% (2.49)

71 Corus Property GBP 0.00% - 0.00% - 0.00% - 0.00% -
72 Corus Service Centre Limited GBP 0.05% 129.26 0.00% - 0.00% - 0.00% -
73 Corus Steel Service STP LLC RUB 0.00% (1.68) 0.00% 0.19 0.00% - 0.00% 0.19
74 Corus Tubes Poland Spolka Z.O.O EUR 0.00% (1.58) 0.00% - 0.00% - 0.00% -
75 Corus UK Healthcare Trustee Limited GBP 0.00% - 0.00% - 0.00% - 0.00% -
76 Corus Ukraine Limited Liability Company UAH 0.00% 0.02 0.00% - 0.00% - 0.00% -
77 CPN (85) Limited GBP 0.00% (0.68) 0.00% - 0.00% - 0.00% -
78 Crucible Insurance Company Limited GBP 0.11% 278.99 (0.55%) 42.50 0.00% - (0.42%) 42.50
79 Degels GmbH EUR (0.01%) (15.84) (0.30%) 23.58 0.00% - (0.23%) 23.58
80 Demka B.V. EUR 0.02% 60.79 0.00% (0.10) 0.00% - 0.00% (0.10)
81 DSRM Group Plc. GBP 0.06% 160.70 0.00% - 0.00% - 0.00% -
82 Eric Olsson & Soner Forvaltnings AB SEK 0.01% 16.03 0.00% - 0.00% - 0.00% -
83 Esmil B.V. EUR 0.01% 18.60 0.00% 0.05 0.00% - 0.00% 0.05
84 Europressings Limited GBP 0.00% 5.17 0.00% - 0.00% - 0.00% -
85 Firsteel Group Limited GBP (0.03%) (71.24) 2.79% (216.43) 0.00% - 2.13% (216.43)
86 Firsteel Holdings Limited GBP 0.02% 62.68 0.00% - 0.00% - 0.00% -
87 Fischer Profil GmbH EUR 0.00% (7.29) 0.55% (42.30) (0.06%) 1.43 0.40% (40.87)
88 Gamble Simms Metals Limited EUR 0.00% (1.95) 0.00% - 0.00% - 0.00% -
89 Grant Lyon Eagre Limited GBP 0.02% 47.70 0.00% - 0.00% - 0.00% -
90 H E Samson Limited GBP 0.02% 42.30 0.00% - 0.00% - 0.00% -
91 Hadfields Holdings Limited GBP (0.02%) (65.07) 0.00% - 0.00% - 0.00% -
92 Halmstad Steel Service Centre AB SEK 0.02% 64.90 0.10% (8.08) 0.00% - 0.08% (8.08)
CONSOLIDATED

REPORT

comprehensive
NOTES
INTEGRATED
income
93 Hammermega Limited GBP 0.01% 18.22 0.00% - 0.00% - 0.00% -
94 Harrowmills Properties Limited GBP 0.06% 154.24 0.00% - 0.00% - 0.00% -
95 Hille & Muller GmbH EUR 0.04% 110.14 (0.04%) 3.15 0.03% (0.74) (0.02%) 2.41
96 Hille & Muller USA Inc. USD 0.04% 114.90 (0.04%) 2.93 0.00% - (0.03%) 2.93
1-64
97 Hoogovens USA Inc. USD 0.18% 475.58 (0.01%) 0.89 0.00% - (0.01%) 0.89
98 Huizenbezit Breesaap B.V. EUR 0.00% (7.47) 0.00% 0.06 0.00% - 0.00% 0.06
99 Ickles Cottage Trust Limited GBP 0.00% 1.63 0.00% - 0.00% - 0.00% -
100 Inter Metal Distribution SAS EUR 0.01% 34.38 (0.12%) 9.63 0.01% (0.12) (0.09%) 9.51
101 Kalzip Asia Pte Limited SGD (0.04%) (114.09) 0.33% (25.66) 0.00% - 0.25% (25.66)
102 Kalzip FZE AED 0.00% 4.69 (0.01%) 0.85 0.00% - (0.01%) 0.85
REPORTS
103 Kalzip GmbH EUR 0.00% 0.96 0.00% - 0.00% - 0.00% -

STATUTORY
104 Kalzip GmbH EUR 0.01% 18.03 (0.03%) 2.57 (0.13%) 3.10 (0.06%) 5.67
105 Kalzip Inc USD (0.02% (45.24) 0.00% 0.14 0.00% - 0.00% 0.14
106 Kalzip Italy SRL EUR 0.00% 0.30 0.00% 0.04 0.00% - 0.00% 0.04
107 Kalzip Limited GBP 0.01% 15.76 (0.03%) 2.05 0.00% - (0.02%) 2.05
108 Kalzip Spain S.L.U. EUR 0.00% 10.40 0.00% 0.11 0.00% - 0.00% 0.11
65-160
109 Layde Steel S.L. EUR 0.03% 71.09 (0.23%) 17.90 0.00% - (0.18%) 17.90
110 Lister Tubes Limited EUR 0.00% 11.21 0.00% - 0.00% - 0.00% -
111 London Works Steel Company Limited GBP (0.03%) (83.46) 0.00% - 0.00% - 0.00% -
112 Midland Steel Supplies Limited GBP 0.00% - 0.00% - 0.00% - 0.00% -
113 Montana Bausysteme AG CHF 0.04% 93.45 (0.15%) 11.62 (0.27%) 6.51 (0.18%) 18.13
114 Naantali Steel Service Centre OY EUR 0.01% 27.76 0.09% (6.77) 0.00% - 0.07% (6.77)
115 Nationwide Steelstock Limited GBP 0.00% (9.18) 0.00% - 0.00% - 0.00% -
FINANCIAL
116 Norsk Stal Tynnplater AS NOK 0.02% 47.58 (0.11%) 8.77 0.00% - (0.09%) 8.77
STATEMENTS
117 Norsk Stal Tynnplater AB NOK 0.01% 15.67 (0.04%) 2.94 0.00% - (0.03%) 2.94
118 Orb Electrical Steels Limited GBP 0.00% - 0.00% - 0.00% - 0.00% -
119 Ore Carriers Limited GBP 0.01% 23.07 0.00% - 0.00% - 0.00% -
120 Oremco Inc. USD 0.00% (10.31) 0.02% (1.61) 0.00% - 0.02% (1.61)
121 Plated Strip International Limited GBP 0.01% 14.39 0.00% - 0.00% - 0.00% -
161-351
122 Precoat International Limited GBP 0.02% 62.78 0.00% - 0.00% - 0.00% -
123 Precoat Limited GBP (0.01%) (17.18) 0.00% - 0.00% - 0.00% -
124 Rafferty-Brown Steel Co Inc Of Conn. USD 0.01% 28.95 0.00% (0.20) 0.00% - 0.00% (0.20)
125 Round Oak Steelworks Limited GBP (0.15%) (388.02) 0.00% - 0.00% - 0.00% -
126 Runblast Limited GBP 0.16% 421.42 0.00% - 0.00% - 0.00% -
127 Runmega Limited GBP 0.00% 3.52 0.00% - 0.00% - 0.00% -
128 S A B Profiel B.V. EUR 0.12% 321.10 (1.97%) 152.37 0.00% - (1.50%) 152.37
129 S A B Profil GmbH EUR 0.05% 119.85 (0.08%) 6.56 0.00% - (0.06%) 6.56

130 Seamless Tubes Limited GBP 0.06% 150.37 0.00% - 0.00% - 0.00% -
131 Service Center Gelsenkirchen GmbH EUR 0.13% 345.19 2.84% (220.56) 0.15% (3.56) 2.20% (224.12)
132 Service Centre Maastricht B.V. EUR 0.01% 28.93 (0.33%) 25.64 0.00% - (0.25%) 25.64
345
346

comprehensive
133 Skruv Erik AB SEK 0.00% 0.50 0.00% -

income
0.00% - 0.00% -
NOTES
134 Societe Europeenne De Galvanisation (Segal) Sa EUR 0.07% 187.90 (0.05%) 3.59 0.00% - (0.04%) 3.59
135 Staalverwerking en Handel B.V. EUR 0.47% 1,233.89 (5.32%) 412.46 0.00% - (4.06%) 412.46
136 Steel StockHoldings Limited GBP 0.01% 37.10 0.00% - 0.00% - 0.00% -
137 Steelstock Limited GBP 0.00% 0.16 0.00% - 0.00% - 0.00% -
138 Stewarts & Lloyds Of Ireland Limited EUR 0.00% (1.61) 0.00% - 0.00% - 0.00% -
139 Stewarts And Lloyds (Overseas) Limited GBP 0.06% 165.74 0.00% - 0.00% - 0.00% -
140 Stocksbridge Works Cottage Trust Limited GBP 0.00% 0.89 0.00% - 0.00% - 0.00% -
141 Surahammar Bruks AB SEK 0.05% 130.74 0.09% (7.16) (0.14%) 3.28 0.04% (3.88)
142 Swinden Housing Association Limited GBP 0.00% 5.23 0.00% - 0.00% - 0.00% -
143 Tata Steel Belgium Packaging Steels N.V. EUR 0.07% 192.85 (0.05%) 3.79 0.00% - (0.04%) 3.79
144 Tata Steel Belgium Services N.V. EUR 0.14% 360.70 (0.12%) 9.09 0.00% - (0.09%) 9.09
145 Tata Steel Denmark Byggsystemer A/S DKK 0.01% 18.79 0.03% (2.71) 0.00% - 0.03% (2.71)
146 Tata Steel Europe Distribution BV EUR (0.01%) (21.05) (0.03%) 1.99 0.00% - (0.02%) 1.99
147 Tata Steel Europe Metals Trading BV EUR 0.10% 257.22 0.00% (0.31) 0.00% - 0.00% (0.31)
148 Tata Steel France Batiment et Systemes SAS EUR 0.01% 13.63 0.19% (14.72) 0.00% - 0.14% (14.72)
149 Tata Steel France Holdings SAS EUR 0.30% 781.39 0.75% (58.15) 0.13% (3.23) 0.60% (61.38)
150 Tata Steel Germany GmbH EUR 0.00% 2.96 5.29% (410.34) 0.05% (1.21) 4.06% (411.55)

151 Tata Steel IJmuiden BV EUR 6.30% 16,647.07 (21.27%) 1,648.83 (2.63%) 63.50 (16.84%) 1,712.33
152 Tata Steel International (Americas) Holdings Inc USD 0.22% 589.21 0.25% (19.70) 0.00% - 0.19% (19.70)
153 Tata Steel International (Americas) Inc USD 0.40% 1,044.64 (0.40%) 31.16 (0.13%) 3.11 (0.34%) 34.27
154 Tata Steel International (Benelux) BV EUR 0.00% 8.67 0.00% 0.07 0.00% - 0.00% 0.07
155 Tata Steel International (Canada) Holdings Inc CAD 0.00% 1.74 0.00% - 0.00% - 0.00% -
156 Tata Steel International (Czech Republic) S.R.O CZK 0.00% 8.83 (0.04%) 3.17 0.00% - (0.03%) 3.17
157 Tata Steel International (Denmark) A/S DKK 0.00% 0.48 0.00% (0.28) 0.00% - 0.00% (0.28)
158 Tata Steel International (Finland) OY EUR 0.00% 0.89 0.00% - 0.00% - 0.00% -
159 Tata Steel International (France) SAS EUR 0.01% 31.73 (0.01%) 0.41 0.00% - 0.00% 0.41
160 Tata Steel International (Germany) GmbH EUR 0.00% 0.79 (0.03%) 2.62 0.00% 0.10 (0.03%) 2.72
161 Tata Steel International (South America) USD 0.00% 0.53 0.00% 0.34 0.00% - 0.00% 0.34
Representaes LTDA
162 Tata Steel International Hellas SA EUR 0.00% 1.02 0.00% - 0.00% - 0.00% -
163 Tata Steel International (Italia) SRL EUR 0.00% 12.40 (0.05%) 3.81 0.00% - (0.04%) 3.81
164 Tata Steel International (Middle East) FZE AED 0.08% 209.76 (0.10%) 7.84 0.00% - (0.08%) 7.84
165 Tata Steel International (Nigeria) Ltd. NGN 0.00% - 0.00% - 0.00% - 0.00% -
166 Tata Steel International (Poland) sp Zoo PLZ 0.00% 3.04 (0.02%) 1.90 0.00% - (0.02%) 1.90
167 Tata Steel International (Schweiz) AG CHF 0.00% 4.50 0.00% (0.22) 0.00% - 0.00% (0.22)
168 Tata Steel International (Sweden) AB SEK 0.00% 6.13 (0.03%) 2.07 0.00% - (0.02%) 2.07
169 Tata Steel International Iberica SA EUR 0.00% 3.82 (0.04%) 3.04 0.00% - (0.03%) 3.04
170 Tata Steel Istanbul Metal Sanayi ve Ticaret AS USD 0.01% 16.58 0.02% (1.20) 0.00% - 0.01% (1.20)
171 Tata Steel Latvia Building Systems SIA EUR 0.00% 0.09 0.00% 0.01 0.00% - 0.00% 0.01
CONSOLIDATED

REPORT

comprehensive
NOTES
INTEGRATED
income
172 Tata Steel Maubeuge SAS EUR 0.05% 136.96 (0.99%) 76.88 0.11% (2.73) (0.73%) 74.15
173 Tata Steel Nederland BV EUR 4.11% 10,856.48 (3.02%) 234.40 0.00% - (2.30%) 234.40
174 Tata Steel Nederland Consulting & Technical Services BV EUR 0.01% 37.97 0.00% (0.06) 0.00% - 0.00% (0.06)
175 Tata Steel Nederland Services BV EUR 0.10% 275.48 1.15% (89.40) 0.00% - 0.88% (89.40)
1-64
176 Tata Steel Nederland Star-Frame BV EUR 0.00% 0.16 0.00% (0.01) 0.00% - 0.00% (0.01)
177 Tata Steel Nederland Technology BV EUR 0.18% 477.16 (0.25%) 19.22 0.00% - (0.19%) 19.22
178 Tata Steel Nederland Tubes BV EUR (0.02%) (41.60) (0.33%) 25.70 0.00% - (0.25%) 25.70
179 Tata Steel Netherlands Holdings B.V. EUR 2.78% 7,341.47 (2.37%) 184.08 (0.78%) 18.82 (1.99%) 202.90
180 Tata Steel Norway Byggsystemer A/S NOK 0.02% 45.16 (0.09%) 7.06 0.00% - (0.07%) 7.06
181 Tata Steel Speciality Service Centre Suzhou Co. Limited USD 0.00% (3.90) 0.04% (3.10) 0.00% - 0.03% (3.10)
REPORTS
182 Tata Steel Sweden Byggsystem AB SEK 0.01% 20.38 0.21% (15.94) 0.00% - 0.16% (15.94)
STATUTORY
183 Tata Steel Speciality Service Centre Xian Co. Limited USD 0.00% 5.88 0.00% 0.27 0.00% - 0.00% 0.27
184 Tata Steel UK Consulting Limited GBP 0.00% 3.14 (0.01%) 0.60 0.00% - (0.01%) 0.60
185 Tata Steel UK Holdings Limited GBP 6.44% 16,992.15 4.79% (371.92) 0.00% - 3.66% (371.92)
186 Tata Steel UK Limited GBP (6.38%) (16,902.83) 88.67% (6,873.37) 132.03% (3,193.36) 99% (10,066.73)
187 Tata Steel USA Inc. USD 0.03% 79.70 (0.07%) 5.53 0.00% - (0.05%) 5.53
65-160
188 The Newport And South Wales Tube Company Limited GBP 0.00% 0.13 0.00% - 0.00% - 0.00% -
189 The Stanton Housing Company Limited GBP 0.00% 7.80 0.00% - 0.00% - 0.00% -
190 The Templeborough Rolling Mills Limited GBP 0.05% 128.55 0.00% - 0.00% - 0.00% -
191 Thomas Processing Company USD 0.05% 135.94 0.02% (1.40) 0.00% - 0.01% (1.40)
192 Thomas Steel Strip Corp. USD (0.08%) (207.97) (0.44%) 33.78 (3.27%) 79.15 (1.11%) 112.93
193 Toronto Industrial Fabrications Limited GBP 0.00% (4.02) 0.00% - 0.00% - 0.00% -
194 Trierer Walzwerk Verwaltungsgsellschaft mbH EUR 0.01% 26.40 0.01% (0.73) (0.06%) 1.45 (0.01%) 0.72
FINANCIAL
195 TS South Africa Sales Office Proprietary Limited SAR 0.00% 4.61 (0.01%) 0.94 0.00% - (0.01%) 0.94
STATEMENTS
196 Tulip UK Holdings (No.2) Limited GBP 5.04% 13,319.31 0.00% - 0.00% - 0.00% -
197 Tulip UK Holdings (No.3) Limited GBP 4.87% 12,862.25 4.18% (322.96) 0.00% - 3.18% (322.96)
198 U.E.S. Bright Bar Limited GBP 0.00% 12.15 0.00% - 0.00% - 0.00% -
199 UK Steel Enterprise Limited GBP 0.05% 125.24 0.07% (5.66) 0.00% - 0.06% (5.66)
200 UKSE Fund Managers Limited GBP 0.00% 0.37 0.00% - 0.00% - 0.00% -
161-351
201 Unitol SAS EUR 0.03% 69.86 (0.46%) 36.00 0.00% 0.03 (0.35%) 36.03
202 Walker Manufacturing And Investments Limited GBP 0.05% 125.12 0.00% - 0.00% - 0.00% -
203 Walkersteelstock Ireland Limited EUR 0.00% 3.38 0.00% - 0.00% - 0.00% -
204 Walkersteelstock Limited GBP 0.00% 8.10 0.00% - 0.00% - 0.00% -
205 Westwood Steel Services Limited GBP 0.07% 190.31 0.00% - 0.00% - 0.00% -
206 Whitehead (Narrow Strip) Limited GBP 0.04% 92.88 0.00% - 0.00% - 0.00% -
207 T S Global Minerals Holdings Pte Ltd. USD 1.95% 5,135.42 0.89% (69.95) (0.29%) 7.00 0.62% (62.95)

208 Al Rimal Mining LLC OMR 0.00% 6.16 0.00% (0.02) 0.00% - 0.00% (0.02)
209 Black Ginger 461 (Proprietary) Ltd ZAR 0.04% 115.49 (0.67%) 52.27 0.00% - (0.51%) 52.27
210 Kalimati Coal Company Pty. Ltd. AUD (0.07%) (189.17) (0.02%) 1.55 0.00% - (0.02%) 1.55
211 Sedibeng Iron Ore Pty. Ltd. ZAR 0.03% 86.37 (0.72%) 55.57 0.00% - (0.55%) 55.57
347
348

comprehensive
212 Tata Steel Cote D Ivoire S.A FCFA 0.02% 64.24 0.02% (1.26)
income
0.00% - 0.01% (1.26)
NOTES
213 TSMUK Limited USD 1.79% 4,744.06 0.00% (0.04) 0.00% - 0.00% (0.04)
214 Tata Steel Minerals Canada Limited USD 1.71% 4,516.02 2.09% (162.28) 0.00% - 1.61% (162.28)
215 T S Canada Capital Ltd USD 0.01% 32.38 0.00% (0.01) 0.00% - 0.00% (0.01)
216 Tata Steel International (Singapore) Holdings Pte. Ltd. HKD 0.14% 378.18 0.00% 0.07 0.00% - 0.00% 0.07
217 Tata Steel International (Shanghai) Ltd. CNY 0.00% 7.20 0.00% 0.13 0.00% - 0.00% 0.13
218 Tata Steel International (Singapore) Pte. Ltd. SGD 0.01% 32.58 (0.05%) 3.85 0.00% - (0.04%) 3.85
219 Tata Steel International (Asia) Limited HKD 0.20% 538.79 (0.01%) 0.40 0.00% - 0.00% 0.40
220 Tata Steel (Thailand) Public Company Ltd. THB 0.94% 2,497.71 (1.28%) 99.58 (0.07%) 1.75 (0.97%) 99.58
221 N.T.S Steel Group Plc. THB 0.06% 146.88 0.74% (57.36) 0.00% - 0.56% (57.36)
222 The Siam Construction Steel Co. Ltd. THB 0.14% 380.52 (0.94%) 73.18 0.00% - (0.72%) 73.18
223 The Siam Iron And Steel (2001) Co. Ltd. THB 0.08% 218.11 (0.39%) 30.39 0.00% - (0.30%) 30.39
224 T S Global Procurement Company Pte. Ltd. USD 0.86% 2,264.92 (0.88%) 67.97 0.00% - (0.67%) 67.97
225 ProCo Issuer Pte. Ltd. GBP 1.07% 2,841.49 (2.33%) 180.55 0.00% - (1.78%) 180.55
C. JOINT VENTURES
a) Indian
1 Industrial Energy Limited INR 0.08% 212.93 0.00% (0.00) 0.00% 0.08 0.00% 0.08

2 Jamipol Limited INR 0.02% 53.93 0.00% 0.00 (0.01%) 0.14 0.00% 0.14
3 Strategic Energy Technology Systems Ltd INR 0.00% - 0.00% - 0.00% - 0.00% -
4 TRF Limited INR (0.02%) (43.94) 0.00% - 0.00% - 0.00% -

5 TRL Krosaki Refractories Limited INR 0.03% 88.75 0.00% 0.00 (0.31%) 7.52 (0.07%) 7.52
6 YORK Transport Equipment India Pvt. Ltd INR 0.02% 52.18 0.00% 0.00 0.00% - 0.00% 0.00
b) Foreign
1 European Profiles (M) Sdn. Bhd. MYR 0.00% - 0.00% - 0.00% - 0.00% -
2 New Millennium Iron Corp. CAD 0.02% 64.43 0.87% (67.74) 0.00% - 0.67% (67.74)
3 Albi Profils SRL EUR 0.00% - 0.00% - 0.00% - 0.00% -
4 Appleby Frodingham Cottage Trust Limited GBP 0.00% - 0.00% - 0.00% - 0.00% -
5 Fabsec Limited GBP 0.00% - 0.00% - 0.00% - 0.00% -
6 Gietwalsonderhoudcombinatie B.V. EUR 0.01% 17.16 (0.01%) 0.62 0.00% - (0.01%) 0.62
7 Hoogovens Court Roll Service Technologies VOF EUR 0.00% - 0.00% - 0.00% - 0.00% -
8 Hoogovens Gan Multimedia S.A. De C.V. MEX PESO 0.00% - 0.00% - 0.00% - 0.00% -
9 ISSB Limited GBP 0.00% - 0.00% - 0.00% - 0.00% -
10 Wupperman Staal Nederland B.V. EURO 0.04% 116.99 (0.27%) 21.30 0.00% - (0.21%) 21.30
11 YORK Transport Equipment (Asia) Pte Ltd USD 0.05% 122.80 0.05% (4.08) 0.00% - 0.04% (4.08)
12 YORK Transport Equipment Pty Ltd AUD 0.00% (7.12) 0.00% 0.06 0.00% - 0.00% 0.06
13 YORK Sales (Thailand) Co. Ltd BHT 0.01% 16.72 0.00% 0.34 0.00% - 0.00% 0.34
14 YTE Transport Equipment (SA) (Pty) Limited RAND 0.00% 0.27 (0.01%) 0.91 0.00% - (0.01%) 0.91
15 Rednet Pte Ltd. USD 0.00% (5.88) 0.00% (0.03) 0.00% - 0.00% (0.03)
CONSOLIDATED

REPORT

comprehensive
NOTES
INTEGRATED
income
16 PT YORK Engineering Rupiah 0.00% (2.21) 0.00% - 0.00% - 0.00% -
17 YTE Special Products Pte Ltd USD 0.00% 6.68 0.01% (0.97) 0.00% - 0.01% (0.97)
18 Qingdao YTE Special Products Co. Ltd RMB (0.01%) (17.07) 0.06% (4.85) 0.00% - 0.05% (4.85)
19 YORK Transport Equipment (Shanghai) Co. Ltd RMB 0.01% 16.52 0.01% (0.81) 0.00% - 0.01% (0.81)
1-64
20 Dutch Lanka Trailer Manufacturing Limited USD 0.00% 11.81 (0.02%) 1.89 0.00% - (0.02%) 1.89
21 Durch Lanka Engineering Private Limited LKR 0.00% 4.54 (0.03%) 2.62 0.00% - (0.03%) 2.62
22 Durch Lanka Trailers Manufacturing LLC OMR 0.00% 1.51 0.00% (0.01) 0.00% - 0.00% (0.01)
23 Hewit Robins International Limited GBP 0.01% 30.59 (0.05%) 3.61 0.00% - (0.04%) 3.61
24 Hewit Robins International Holdings Limited GBP 0.00% 0.60 0.00% - 0.00% - 0.00% -
25 TRF Singapore Pte Limited SGD 0.08% 215.34 0.01% (0.78) 0.00% - 0.01% (0.78)
REPORTS
26 TRF Holding Pte Limited USD (0.01%) (35.93) 0.07% (5.31) 0.00% - 0.05% (5.31)
STATUTORY
D. Joint Ventures
a) Indian
1 Bhubaneshwar Power Private Limited INR 0.02% 52.41 0.08% (6.25) 0.00% 0.01 0.06% (6.24)
2 Himalaya Steel Mills Services Private Limited INR 0.00% 2.07 0.00% (0.06) 0.00% 0.00 0.00% (0.06)
65-160
3 mjunction services Limited INR 0.04% 114.34 (0.15%) 11.65 0.01% (0.12) (0.11%) 11.53
4 S & T Mining Company Private Limited INR 0.00% (0.50) 0.03% (2.53) 0.00% (0.00) 0.02% (2.53)
5 Tata Bluescope Steel Limited INR 0.07% 188.57 (0.36%) 28.20 (0.02%) 0.41 (0.28%) 28.61
6 Tata NYK Shipping (India) Pvt. Ltd. INR 0.00% 2.61 0.00% 0.07 0.00% - 0.00% 0.07
7 Naba Diganta Water Management Limited INR 0.01% 16.41 (0.03%) 2.53 0.00% - (0.02%) 2.53
8 SEZ Adityapur Limited INR 0.00% (0.06) 0.00% - 0.00% - 0.00% -
9 Jamshedpur Continuous Annealing & Processing INR 0.09% 235.19 1.35% (104.88) 0.00% (0.12) 1.03% (105.00)
Company Private Limited
FINANCIAL
STATEMENTS
10 T M Mining Company Limited INR 0.00% (0.02) 0.00% (0.01) 0.00% - 0.00% (0.01)
11 TM International Logistics Limited INR 0.11% 289.44 (0.27%) 20.70 (0.04%) 0.94 (0.21%) 21.64
12 TKM Global Logistics Limited INR 0.01% 24.89 0.00% 0.28 0.00% (0.07) 0.00% 0.21
b) Foreign
161-351
1 Tata NYK Shipping Pte Ltd. USD 0.02% 60.93 (0.27%) 21.11 (0.01%) 0.31 (0.21%) 21.42
2 Minas De Benga (Mauritius) Limited USD (0.33%) (878.56) (4.26%) 329.85 0.00% - (3.24%) 329.85
3 Minas de Benga Limited-Mozambique USD (0.61%) (1,623.46) 0.51% (39.58) 0.00% - 0.39% (39.58)
4 BlueScope Lysaght Lanka (Pvt) Ltd LKR 0.01% 18.40 (0.06%) 4.35 0.00% - (0.04%) 4.35
5 International Shipping and Logistics FZE USD 0.08% 214.87 (0.15%) 11.85 0.19% (4.49) (0.07%) 7.36
6 TKM Global China Ltd CNY 0.00% 3.12 0.00% (0.18) 0.01% (0.29) 0.00% (0.47)
7 TKM Global GmbH EUR 0.06% 166.30 (0.64%) 49.95 0.29% (7.12) (0.42%) 42.83
8 Afon Tinplate Company Limited GBP 0.01% 31.29 (0.04%) 2.73 0.00% - (0.03%) 2.73

349
350

comprehensive
9 Caparo Merchant Bar Plc GBP 0.00% (5.13) (0.02%) 1.23

income
0.00% - (0.01%) 1.23
NOTES
10 Industrial Rail Services IJmond B.V. EUR 0.00% - 0.00% - 0.00% - 0.00% -
11 Laura Metaal Holding B.V. EUR 0.05% 128.11 (0.20%) 15.14 0.00% - (0.15%) 15.14
12 Ravenscraig Limited GBP (0.01%) (37.70) 0.10% (8.11) 0.00% - 0.08% (8.11)
13 Tata Elastron Steel Service Center SA EUR 0.00% 9.26 0.06% (4.48) 0.00% - 0.04% (4.48)
14 Tata Steel Ticaret AS TRY 0.00% 12.11 (0.02%) 1.17 0.00% - (0.01%) 1.17
15 Air Products Llanwern Limited GBP 0.00% 6.08 (0.03%) 2.48 0.00% - (0.02%) 2.48
16 BSR Pipeline Services Limited GBP 0.00% 7.77 0.00% 0.19 0.00% - 0.00% 0.19
17 Texturing Technology Limited GBP 0.00% 4.70 (0.03%) 2.61 0.00% - (0.03%) 2.61
18 TVSC Construction Steel Solutions Limited HKD 0.00% 2.95 0.19% (14.75) 0.00% - 0.15% (14.75)
TOTAL 100.00% 2,64,383.29 100.00% (7,750.62) 100.00% (2,418.86) 100.00% (10,169.48)
D. Adjustment due to consolidation (2,26,563.97) 3,509.82 1,859.34 5,369.16

E. Minority Interests in subsidiaries
a) Indian Subsidiaries
1 The Tinplate Company of India Limited INR 155.84 5.91 (0.82) 5.09
2 Indian Steel & Wire Products Ltd INR 3.16 0.31 (0.05) 0.26
3 Tata Metaliks Ltd. INR 103.40 57.40 (0.91) 56.49

4 Adityapur Toll Bridge Company Ltd INR 4.57 1.44 - 1.44
5 Tata Sponge Iron Ltd INR 397.50 25.50 (0.62) 24.88

6 Jamshedpur Utilities & Services Company Limited INR (10.32) (5.43) - (5.43)
7 Tayo Rolls Limited INR (190.57) (35.86) 0.01 (35.85)
b) Foreign Subsidiaries
1 Tata Steel (Thailand) Public Company Ltd. THB 326.72 13.00 5.02 18.02
2 TATA Steel Europe Limited GBP (4.04) (0.72) - (0.72)
3 Natsteel Holdings Pte. Ltd. SGD 56.22 (0.74) 1.75 1.01
4 T S Global Minerals Holdings Pte Ltd. USD 860.41 11.42 (0.68) 10.74
5 Tata Steel (KZN) (Pty) Ltd. ZAR (101.19) - (7.25) (7.25)
1,601.70 72.23 (3.54) 68.69
Consolidated Net Asset / Profit after Tax 39,421.02 (4,168.57) (563.06) (4,731.63)
CONSOLIDATED
List of subsidiaries, associates and joint ventures which have not been consolidated and reasons for not consolidating
Sl. No. Name Reason
1 Fabsec Limited The operations of the companies are not significant and hence are immaterial for consolidation
2 Industrial Rail Services IJmond B.V. The operations of the companies are not significant and hence are immaterial for consolidation
REPORT
3 European Profiles (M) Sdn. Bhd. The operations of the companies are not significant and hence are immaterial for consolidation
4 New Millennium Iron Corp. The operations of the companies are not significant and hence are immaterial for consolidation
NOTES
INTEGRATED
5 Albi Profils SRL The operations of the companies are not significant and hence are immaterial for consolidation
6 Hoogovens Gan Multimedia S.A. De C.V. The operations of the companies are not significant and hence are immaterial for consolidation
7 ISSB Limited The operations of the companies are not significant and hence are immaterial for consolidation
8 Kalinga Aquatics Ltd. Not Consolidated as the financials were not available
9 Kumardhubi Fireclay & Silica Works Ltd. Not Consolidated as the financials were not available
1-64
10 Kumardhubi Metal Casting & Engineering Ltd. Not Consolidated as the financials were not available
11 Nicco Jubilee Park Limited Not Consolidated as the financials were not available
12 Tata Construction & Projects Ltd. Not Consolidated as the financials were not available
13 Malusha Travels Pvt Ltd. Not Consolidated as the financials were not available
14 Mohar Export Services Pvt. Ltd Not Consolidated as the financials were not available
15 Metal Corporation of India Not Consolidated as the financials were not available
16 Medica TS Hospital Pvt. Ltd. Not Consolidated as the financials were not available
REPORTS
STATUTORY

65-160

(DIN: 00004989)
FINANCIAL
STATEMENTS
161-351

351
NOTICE 353
NOTICE
Notice is hereby given that the 110th Annual General Meeting till the conclusion of the 115th Annual General Meeting of the
of the Members of Tata Steel Limited will be held on Tuesday, Company to be held in the year 2022, to examine and audit
August 8, 2017, at 3.00 p.m. IST at the Birla Matushri Sabhagar, 19, the accounts of the Company, at such remuneration as may be
Sir Vithaldas Thackersey Marg, Mumbai 400 020, to transact the mutually agreed between the Board of Directors and the Auditors.
following business:
RESOLVED FURTHER THAT the appointment of Price Waterhouse
& Co Chartered Accountants LLP, Chartered Accountants, as the
ORDINARY BUSINESS:
Auditors of the Company shall be subject to ratification by the
Members of the Company at every subsequent Annual General
Item No. 1 a) - Adoption of Audited Standalone Financial
Meeting (as applicable under the Companies Act, 2013) held after
Statements
this Meeting.
To receive, consider and adopt the Audited Standalone Financial
RESOLVED FURTHER THAT the Board of Directors (which term
Statements of the Company for the Financial Year ended
includes a duly constituted Committee of the Board of Directors)
March 31, 2017 and the Reports of the Board of Directors and the
be and is hereby authorized to do all such acts, deeds, matters and
Auditors thereon.
things as may be considered necessary, desirable and expedient
to give effect to this Resolution and / or otherwise considered by
Item No. 1 b) - Adoption of Audited Consolidated Financial
them to be in the best interest of the Company.
Statements
To receive, consider and adopt the Audited Consolidated SPECIAL BUSINESS:
Financial Statements of the Company for the Financial Year ended
March 31, 2017 and the Report of the Auditors thereon. Item No. 6 Appointment of Mr. N. Chandrasekaran as a
Director
Item No. 2 Declaration of Dividend
To consider and if thought fit, to pass the following resolution as an
To declare dividend of 10/- per Ordinary (equity) Share of 10/- Ordinary Resolution:
each for the Financial Year 2016-17.
RESOLVED THAT Mr. N. Chandrasekaran (DIN: 00121863), who
was appointed by the Board of Directors as an Additional Director
Item No. 3 Re-Appointment of a Director
of the Company effective January 13, 2017 and who holds office
To appoint a Director in the place of Mr. Dinesh Kumar Mehrotra up to the date of this Annual General Meeting of the Company
(DIN: 00142711), who retires by rotation in terms of Section 152(6) of in terms of Section 161 of the Companies Act, 2013 (Act) and
the Companies Act, 2013 and, being eligible, seeks re-appointment. Article 121 of the Articles of Association of the Company and
who is eligible for appointment and has consented to act as a
Item No. 4 Re-Appointment of a Director Director of the Company and in respect of whom the Company has
received a notice in writing from a Member under Section 160 of
To appoint a Director in the place of Mr. Koushik Chatterjee
the Act proposing his candidature for the office of Director of the
(DIN: 00004989), who retires by rotation in terms of Section 152(6) of
Company, be and is hereby appointed a Director of the Company
the Companies Act, 2013 and, being eligible, seeks re-appointment.
liable to retire by rotation.
Item No. 5 Appointment of Auditors
Item No. 7 Appointment of Dr. Peter (Petrus) Blauwhoff as
To consider and if thought fit, to pass the following resolution as an an Independent Director
Ordinary Resolution:
RESOLVED THAT pursuant to the provisions of Sections 139, Ordinary Resolution:
142 and other applicable provisions, if any, of the Companies Act,
RESOLVED THAT Dr. Peter (Petrus) Blauwhoff (DIN: 07728872),
2013 and the Companies (Audit & Auditors) Rules, 2014, including
who was appointed by the Board of Directors as an Additional
any amendment, modification or variation thereof, and pursuant
Director of the Company effective February 7, 2017 and who
to the recommendations of the Audit Committee and the Board
holds office up to the date of this Annual General Meeting of
of Directors, Price Waterhouse & Co Chartered Accountants LLP,
the Company in terms of Section 161 of the Companies Act,
Chartered Accountants having Firm Registration No. 304026E/
2013 (Act) and Article 121 of the Articles of Association of the
E300009, be and are hereby appointed as the Auditors of the
Company and who is eligible for appointment and has consented
Company in place of the retiring auditors, Messrs Deloitte Haskins
to act as a Director of the Company and in respect of whom the
and Sells LLP, Chartered Accountants, for a period of five years to
Company has received a notice in writing from a Member under
hold office from the conclusion of this Annual General Meeting

NOTICE
Section 160 of the Act proposing his candidature for the office of candidature for the office of Director of the Company, be and is
Director of the Company, be and is hereby appointed a Director of hereby appointed a Director of the Company.
the Company.
RESOLVED FURTHER THAT pursuant to the provisions of
RESOLVED FURTHER THAT pursuant to the provisions of Sections 149, 152 and other applicable provisions, if any, of the
Sections 149, 152 and other applicable provisions, if any, of the Act and the Rules framed thereunder read with Schedule IV to the
Act and the Rules framed thereunder read with Schedule IV to the Act as amended from time to time, Mr. Deepak Kapoor, who meets
Act, as amended from time to time, Dr. Peter (Petrus) Blauwhoff, the criteria for independence as provided in Section 149(6) of the
who meets the criteria for independence as provided in Section Act and who has submitted a declaration to that effect, be and is
149(6) of the Act and who has submitted a declaration to that hereby appointed as an Independent Director of the Company,
effect, be and is hereby appointed as an Independent Director of not liable to retire by rotation, for a term of five years commencing
the Company, not liable to retire by rotation, for a term of five years April 1, 2017 through March 31, 2022 .
commencing February 7, 2017 through February 6, 2022.
Item No. 10 Ratification of Remuneration of Cost Auditors
Item No. 8 Appointment of Mr. Aman Mehta as an
Independent Director
RESOLVED THAT pursuant to the provisions of Section 148
and other applicable provisions, if any, of the Companies Act,
RESOLVED THAT Mr. Aman Mehta (DIN: 00009364), who was 2013 read with the Companies (Audit and Auditors) Rules, 2014,
appointed by the Board of Directors as an Additional Director of including any amendment, modification or variation thereof,
the Company effective March 29, 2017 and who holds office up to the Company hereby ratifies the remuneration of 18 lakh plus
the date of this Annual General Meeting of the Company in terms out-of-pocket expenses incurred in connection with the
of Section 161 of the Companies Act, 2013 (Act) and Article 121 audit payable to Messrs Shome & Banerjee, Cost Accountants
of the Articles of Association of the Company and who is eligible (Firm Registration Number - 000001) who have been
for appointment and has consented to act as a Director of the appointed by the Board of Directors as the Cost Auditors
Company and in respect of whom the Company has received of the Company, to conduct the audit of the cost records
a notice in writing from a Member under Section 160 of the Act of the Company as prescribed under the Companies
proposing his candidature for the office of Director of the Company, (Cost Records and Audit) Rules 2014, for the Financial Year
be and is hereby appointed a Director of the Company. ending March 31, 2018.
RESOLVED FURTHER THAT pursuant to the provisions of RESOLVED FURTHER THAT the Board of Directors (which term
Sections 149, 152 and other applicable provisions, if any, of the includes a duly constituted Committee of the Board of Directors)
Act and the Rules framed thereunder read with Schedule IV to the be and is hereby authorized to do all such acts, deeds, matters and
Act as amended from time to time, Mr. Aman Mehta, who meets things as may be considered necessary, desirable and expedient
the criteria for independence as provided in Section 149(6) of the for giving effect to this Resolution and / or otherwise considered
Act and who has submitted a declaration to that effect, be and is by them to be in the best interest of the Company.
hereby appointed as an Independent Director of the Company, not
liable to retire by rotation, for a term commencing March 29, 2017 Item No. 11 Issue of Non-Convertible Debentures on
through August 31, 2021. private placement basis not exceeding 10,000 crore
To consider and if thought fit, to pass the following resolution as a
Item No. 9 Appointment of Mr. Deepak Kapoor as an
Special Resolution:
Independent Director
RESOLVED THAT pursuant to the provisions of Sections 23, 42,
71 and other applicable provisions, if any, of the Companies Act,
2013 (Act) read with the Companies (Prospectus and Allotment
RESOLVED THAT Mr. Deepak Kapoor (DIN: 00162957), who was of Securities) Rules, 2014 and the Companies (Share Capital and
appointed by the Board of Directors as an Additional Director of Debentures) Rules, 2014, including any amendment, modification
the Company effective April 1, 2017 and who holds office up to the or variation thereof for the time being in force, and subject to all
date of this Annual General Meeting of the Company in terms of other applicable regulations, rules, notifications, circulars and
Section 161 of the Companies Act, 2013 (Act) and Article 121 of guidelines prescribed by the Securities and Exchange Board of
the Articles of Association of the Company and who is eligible for India (SEBI), as amended, including the SEBI (Issue and Listing
appointment and has consented to act as a Director of the Company of Debt Securities) Regulations, 2008, as amended, the SEBI (Listing
and in respect of whom the Company has received a notice in Obligations and Disclosure Requirements) Regulations, 2015, as
writing from a Member under Section 160 of the Act proposing his amended, and the enabling provisions of the listing agreements

entered into with the Stock Exchanges where the ordinary (equity) of the Company to do all such acts, deeds, matters and things as
shares or other securities of the Company are listed (the Stock also to execute such documents, writings etc. as may be necessary
Exchanges), and subject to the applicable regulations, rules, to give effect to this Resolution.
notifications, circulars and guidelines prescribed by the Reserve
Notes:
Bank of India (RBI), the Memorandum of Association and the
Articles of Association of the Company, and subject to such (a) The Statement, pursuant to Section 102 of the Companies
approvals, consents, permissions and sanctions as might be required Act, 2013 with respect to Item Nos. 5 to 11 forms part of this
from the Government of India, SEBI, RBI, the Stock Exchanges Notice. Additional information, pursuant to Regulations 26(4)
or any regulatory or statutory authority as may be required (the and 36(3) of the SEBI (Listing Obligations and Disclosure
Appropriate Authority) and subject to such conditions and/ or Requirements) Regulations, 2015 and Secretarial Standard
modifications as may be prescribed or imposed by the Appropriate on General Meetings in respect of Directors seeking
Authority while granting such approvals, consents, permissions appointment/re-appointment at the Annual General Meeting
and sanctions, which may be agreed to by the Board of Directors is furnished as annexure to the Notice.
of the Company (hereinafter referred to as the Board which
term shall be deemed to include any Committee(s) constituted/ (b) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE
to be constituted by the Board to exercise its powers including ANNUAL GENERAL MEETING IS ENTITLED TO APPOINT
the powers conferred by this Resolution), subject to the total A PROXY TO ATTEND AND VOTE AT THE MEETING
borrowings of the Company not exceeding the borrowing powers ON HIS/HER BEHALF. SUCH PROXY NEED NOT BE A
approved by the Members from time to time under Section 180(1) MEMBER OF THE COMPANY.
(c) of the Act, the consent of the Members of the Company be and
(c) Members are requested to note that a person can act as a proxy
is hereby accorded to the Board and the Board be and is hereby
on behalf of Members not exceeding 50 and holding in the
authorized to create, offer, invite for subscription, issue and allot,
aggregate not more than 10% of the total share capital of the
from time to time, in one or more tranches and/ or series, whether
Company carrying voting rights. A Member holding more than
secured or unsecured, cumulative or non-cumulative, listed or
10% of the total share capital of the Company carrying voting
unlisted, redeemable non-convertible debentures including but
rights may appoint a single person as proxy and such person
not limited to bonds and/or other debt securities, denominated
shall not act as proxy for any other person or shareholder.
in Indian rupees or any foreign currency (NCDs), aggregating to
an amount not exceeding 10,000 crore or its equivalent in one or (d) The instrument of proxy, in order to be effective, must be
more currencies, at par or at premium or at a discount, either at received at the Registered Office of the Company not less
issue or at redemption, on a private placement basis, during the than 48 hours before the commencement of the meeting.
period of one year from the date of this Annual General Meeting A Proxy Form is annexed to this Notice. Proxies submitted on
or such other period as may be permitted under the Act and other behalf of limited companies, societies, etc. must be supported
applicable laws, as the Board in its absolute discretion deems fit by appropriate resolution or authority as applicable.
and on such terms and conditions as may be decided by the Board.
(e)
Corporate Members intending to send their authorised
RESOLVED FURTHER THAT for the purpose of giving effect to this representatives to attend the meeting are requested to send
Resolution, the Board be and is hereby authorized on behalf of the a certified copy of the Board Resolution to the Company,
Company to determine the terms of issue including the class of authorising their representative to attend and vote on their
investors to whom the NCDs are to be issued, time, the number of behalf at the meeting.
NCDs, tranches, issue price, tenor, interest rate, premium/ discount,
(f ) In case of joint holders attending the meeting, only such
listing (in India or overseas) and to do all such acts, deeds, matters
joint holders who are higher in the order of the names will be
and things and deal with all such matters and take all such steps as
entitled to vote.
may be necessary and to sign and execute any deeds/ documents/
undertakings/ agreements/ papers/ writings, as may be required in (g) Members/proxies/authorised representatives are requested
this regard and to resolve and settle all questions and difficulties to bring the duly filled Attendance Slip enclosed herewith to
that may arise at any stage from time to time. attend the meeting.
RESOLVED FURTHER THAT the Board be and is hereby authorised (h) The Register of Members and Share Transfer Books of the
to delegate all or any of the powers conferred herein to any Company will be closed from Saturday, July 22, 2017 to
Committee of Directors or any Director(s) or executive(s)/ officer(s)

NOTICE
Tuesday, August 8, 2017 (both days inclusive) for the purpose requested for a physical copy of the Report. For Members
of Annual General Meeting and dividend for Financial who have not registered their email addresses, physical
Year 2016-17. copies of the Integrated Report 2016-17 are being sent by the
permitted mode. Members may note that Integrated Report
(i) If dividend on Ordinary Shares as recommended by the
2016-17 will also be available on the Companys website i.e.
Board of Directors is approved at the meeting, payment
www.tatasteel.com.
of such dividend will be made on and from Thursday,
August 10, 2017, as under: (o) Members holding shares in physical form are requested to
consider converting their holding to dematerialised form to
In respect of Ordinary Shares held in physical form, to
eliminate all risks associated with physical shares for ease of
all those Members whose names are on the Companys
portfolio management. Members can contact the Company
Register of Members after giving effect to valid
or TSR Darashaw Limited for assistance in this regard.
transfers in respect of transfer requests lodged with the
Company on or before the close of business hours on (p) To support the Green Initiative the Members who have not
Friday, July 21, 2017. registered their e-mail addresses are requested to register the
same with TSR Darashaw Limited/Depository Participant(s).
In respect of Ordinary Shares held in electronic form,
to all beneficial owners of the shares, as per details
Updation of Members details:
furnished by the Depositories for this purpose, as of the
close of business hours on Friday, July 21, 2017. The format of the Register of Members prescribed by the Ministry
of Corporate Affairs under the Companies Act, 2013 requires the
Members are requested to provide Bank details to facilitate
Company/Registrar and Transfer Agents to record additional
payment of dividend, etc., either in electronic mode or for
details of Members, including their Permanent Account Number
printing on the payment instruments.
details (PAN), email address, bank details for payment of dividend,
(j)
Relevant documents referred to in the Notice and the etc. Further the Securities and Exchange Board of India (SEBI)
accompanying Statement are open for inspection by the has mandated the submission of PAN by every participant in the
Members at the Registered Office of the Company during securities market.
business hours on all working days, up to the date of
A form for capturing the above details is appended in the Integrated
the Annual General Meeting.
Report. Members holding shares in physical form are requested
(k) Members desiring any information as regards the Accounts to submit the filled-in form to the Company or its Registrar and
are requested to write to the Company at an early date so as Transfer Agents. Members holding shares in electronic form are
to enable the Management to keep the information ready at requested to submit the details to their respective Depository
the meeting. Participant(s).
(l) As per the provisions of the Companies Act, 2013, facility for
Process and manner for voting through electronic means:
making nomination is available to the Members in respect of
the shares held by them. Nomination forms can be obtained 1. In compliance with Section 108 of the Companies Act, 2013,
from the Companys Registrar and Transfer Agents by Rule 20 of the Companies (Management and Administration)
Members holding shares in physical form. Members holding Rules, 2014, as amended from time to time and Regulation
shares in electronic form may obtain Nomination forms from 44 of the Securities and Exchange Board of India (Listing
their respective Depository Participant(s). Obligations and Disclosure Requirements) Regulations, 2015
and the Secretarial Standard on General Meetings (SS2)
(m) T he attention of Members is particularly drawn to the Corporate
issued by The Institute of Company Secretaries of India, the
Governance Report forming part of the Directors Report in
Company is pleased to provide to its Members the facility
respect of unclaimed and unpaid dividends and transfer of
to cast their votes electronically, through e-voting services
dividends/shares to Investor Education and Protection Fund.
provided by National Securities Depository Limited (NSDL),
(n) Section 20 of the Companies Act, 2013 permits service of on resolutions set forth in this Notice. The Members may
documents on Members by a company through electronic cast their votes using an electronic voting system from a
mode. So in accordance with the Companies Act, 2013 read place other than the venue of the Annual General Meeting
with the Rules framed thereunder, the Integrated Report (remote e-voting). Instructions for remote e-voting are
2016-17 is being sent through electronic mode to those given herein below. The Resolutions passed by remote
Members whose email addresses are registered with the e-voting are deemed to have been passed as if they have
Company/Depository Participant unless any Member has been passed at the Annual General Meeting.

2. The facility for voting through electronic voting system or vi. Once the remote e-voting home page opens, click on remote
ballot paper shall be made available at the Annual General e-voting > Active e-Voting Cycles.
Meeting and the Members attending the meeting who
vii. Select EVEN (E-Voting Event Number) of Tata Steel Limited
have not cast their vote by remote e-voting shall be able to
which is 106393. Now you are ready for remote e-voting as
exercise their right at the Annual General Meeting.
Cast Vote page opens.
3. The Members who have cast their vote by remote e-voting
viii. Cast your vote by selecting appropriate option and click on
prior to the Annual General Meeting may also attend the
Submit and also Confirm when prompted.
meeting but shall not be entitled to cast their vote again.
ix. Upon confirmation, the message Vote cast successfully will
The process and manner for remote e-voting are as under: be displayed.
x. Once the vote on the resolution is cast, the Member shall not
A. In case a Member receives an e-mail from NSDL (for
be allowed to change it subsequently.
Members whose e-mail addresses are registered with the
Company/Depository Participant(s)): xi. Institutional Members (i.e., other than individuals, HUF, NRI,
etc.) are required to send scanned copy (.PDF/.JPG format) of
i. Open the e-mail and also open PDF file namely TSL remote
the relevant Board Resolution/Authority letter, etc., together
e-voting.pdf with your Client ID or Folio No. as password.
with attested specimen signature of the duly authorised
The said PDF file contains your user ID and password/PIN for
signatory(ies) who is/are authorised to vote, to the Scrutinizer
remote e-voting. Please note that the password is an initial
through e-mail to tsl.scrutinizer@gmail.com with a copy
password.
marked to evoting@nsdl.co.in.
NOTE: Members already registered with NSDL for remote
e-voting will not receive the PDF file TSL remote e-voting.pdf. B. In case a Member receives physical copy of the Notice
of Annual General Meeting (for Members whose e-mail
ii. Open the internet browser and type the following URL:
addresses are not registered with the Company/
https://www.evoting.nsdl.com/
Depository Participant(s) or requesting physical copy):
iii. Click on Shareholder Login
i. Initial password is provided in the enclosed Attendance Slip
iv. If you are already registered with NSDL for remote e-voting along with EVEN (E-Voting Event Number), user ID and password.
then you can use your existing user ID and password/PIN for
ii. Please follow all steps from SI. No. (ii) to SI. No. (xi) as above in
casting your vote
A, to cast your vote.
NOTE: Members who forgot the User Details/Password can
use Forgot User Details/Password? or Physical User Reset Other Instructions:
Password? option available.
i. In case of any queries, you may refer the Frequently Asked
User ID Questions (FAQs) for shareholders and User Manual on
e-Voting System for Shareholders, available at the downloads
a) In case Members are holding shares in demat mode,
section of www.evoting.nsdl.com or call on toll free
For NSDL: 8 character DP ID followed by 8 digits
no.: 1800-222-990.
Client ID and
For CDSL: 16 digits beneficiary ID ii.
The remote e-voting period commences on Thursday,
August 3, 2017 (9.00 a.m. IST) and ends on Monday, August
b) In case Members are holding shares in physical mode,
7, 2017 (5.00 p.m. IST). During this period, Members of
USER-ID is the combination of Even No.+Registered
the Company, holding shares either in physical form or
Folio No.
in dematerialised form, as on the cut-off date of Tuesday,
v. If you are logging-in for the first time, please enter the user August 1, 2017, may cast their vote by remote e-voting.
ID and password provided in the PDF file attached with the The remote e-voting module shall be disabled by NSDL for
e-mail as initial password. Click Login voting thereafter. Once the vote on a resolution is cast by
the Member, the Member shall not be allowed to change the
The Password Change Menu will appear on your screen.
vote subsequently.
Change the password/PIN with new password of your choice,
making sure that it contains a minimum of eight digits or iii. You can also update your mobile number and e-mail address
characters or a combination of both. Please take utmost care in the user profile details of the folio which may be used for
to keep your password confidential. sending future communication(s).
iv. The voting rights of Members shall be in proportion to their
share of the paid-up equity share capital of the Company as

NOTICE
on the cut-off date i.e Tuesday, August 1, 2017 and as per the authorised by the Chairman and the same shall be communicated
Register of Members of the Company. to BSE Limited and National Stock Exchange of India Limited,
where the shares of the Company are listed. The results shall
v. ny person, who acquires shares of the Company and
A
also be displayed on the notice board at the Registered Office of
becomes a Member of the Company after dispatch of the
the Company.
Notice of Annual General Meeting and holding shares as of the
cut-off date, i.e., Tuesday, August 1, 2017, may obtain the login xii. In case of any grievances with respect to the facility for
ID and password by sending a request at evoting@nsdl.co.in. voting by electronic means, Members are requested to
However, if you are already registered with NSDL for remote contact Mr. Amit Vishal, Senior Manager at amitv@nsdl.co.in
e-voting then you can use your existing user ID and password or evoting@nsdl.co.in or on (+91 22 2499 4360 / 1800 222
for casting your vote. If you have forgotten your password, 990) or at NSDL, Trade World, A wing, 4th Floor, Kamala
you can reset your password by using Forgot User Details/ Mills Compound, Senapati Bapat Marg, Lower Parel,
Password or Physical User Reset Password option available Mumbai 400013.
on www.evoting.nsdl.com or contact NSDL at the following
By Order of the Board of Directors
Toll Free No.: 1800-222-990 or email at evoting@nsdl.co.in
vi. Please note, only a person whose name is recorded in the sd/-
Register of Members or in the Register of Beneficial Owners Parvatheesam K
maintained by the depositories as on the cut-off date shall be Mumbai Company Secretary
entitled to avail the facility of voting, either through remote May 16, 2017 (ACS: 15921)
e-voting or voting at the Annual General Meeting through
e-voting or ballot paper. Registered Office:
vii.
The Board of Directors has appointed Mr. P. N. Parikh
Fort, Mumbai-400 001
(Membership No. FCS 327) or failing him Mr. Mitesh
Tel: +91 22 6665 8282 Fax: +91 22 6665 7724
Dhabliwala (Membership No. FCS 8331) of M/s Parikh &
CIN: L27100MH1907PLC000260
Associates, Practising Company Secretaries, as the Scrutinizer
Website: www.tatasteel.com
to scrutinize the remote e-voting process as well as voting at
Email: cosec@tatasteel.com
the Annual General Meeting in a fair and transparent manner.
viii. At the Annual General Meeting, at the end of the discussion STATEMENT PURSUANT TO SECTION 102(1) OF THE
of the resolutions on which voting is to be held, the Chairman COMPANIES ACT, 2013 (ACT)
shall, with the assistance of the Scrutinizer, allow voting for all
The following Statement sets out all material facts relating to Item
those Members who are present but have not cast their vote
Nos. 5 to 11 mentioned in the accompanying Notice.
electronically using the remote e-voting facility.
ix. The Scrutinizer shall immediately after the conclusion of Item No. 5:
voting at the Annual General Meeting, first count the votes
The Statement for this item is provided, though strictly not required,
cast at the Annual General Meeting, thereafter unblock the
as per Section 102 of the Act.
votes cast through remote e-voting in the presence of at least
two witnesses not in the employment of the Company and In terms of Section 139 of the Act, the term of Messrs Deloitte
make, not later than 48 hours of conclusion of the meeting, Haskins and Sells LLP, the current Statutory Auditors of the
a consolidated Scrutinizers Report of the total votes cast Company, will end at the conclusion of the 110th Annual General
in favour or against, if any, to the Chairman or a person Meeting (AGM) of the Company and the Company is required to
authorised by him in writing who shall countersign the same. appoint new Statutory Auditors to conduct the Statutory Audit of
the books of accounts of the Company for the Financial Year 2017-18
x. The Chairman or a person authorised by him in writing shall
onwards.
declare the result of voting forthwith.
The Board of Directors recommend the appointment of Price
xi. The results declared along with the Scrutinizers Report shall be
Waterhouse & Co Chartered Accountants LLP, Chartered Accountants
placed on the website of the Company www.tatasteel.com and
(Firm Registration No. 304026E/E300009) as the Statutory Auditors of
on the website of NSDL www.evoting.nsdl.com immediately
the Company, for a period of 5 years commencing from the conclusion
after the result is declared by the Chairman or any other person
of the 110th AGM till the conclusion of the 115th AGM to be held in
the year 2022 (subject to ratification of their appointment at every
AGM, if so required under the Act). The detailed background on the

process followed while recommending the new firm is provided in the Act and Article 121 of the Articles of Association of the Company,
Directors Report. Dr. Blauwhoff will hold office up to the date of the ensuing Annual
General Meeting (AGM) and is eligible to be appointed a Director
Price Waterhouse & Co Chartered Accountants LLP, Chartered
of the Company. The Company has, in terms of Section 160 of the
Accountants have consented to their appointment as Staturory
Act, received, in writing, a notice from a Member, along with the
Auditors and have confirmed that if appointed, their appointment
requisite deposit of 1,00,000/-, proposing the candidature of
will be in accordance with Section 139 read with Section 141 of
Dr. Blauwhoff for the office of Director.
the Act.
The Company has received from Dr. Blauwhoff (i) Consent in
None of the Director(s) and Key Managerial Personnel of the
writing to act as Director in Form DIR-2 pursuant to Rule 8 of the
Company or their respective relatives are concerned or interested
Companies (Appointment & Qualification of Directors) Rules,
in the Resolution mentioned at Item No. 5 of the Notice.
2014, (ii) Intimation in Form DIR-8 in terms of the Companies
The Board recommends the resolution set forth in Item No. 5 for (Appointment & Qualification of Directors) Rules, 2014, to the
the approval of the Members. effect that he is not disqualified under Section 164(2) of the Act and
(iii) a declaration to the effect that he meets the criteria of
Item No. 6: independence as provided under Section 149(6) of the Act.
The Board of Directors (Board) upon recommendation of The resolution seeks the approval of the Members in terms of Section
the Nomination and Remuneration Committee, appointed 149 and other applicable provisions of the Act, read with Schedule
Mr. N. Chandrasekaran as an Additional (Non-Executive) Director of IV of the Act and the Rules made thereunder, for appointment of
the Company effective January 13, 2017. Pursuant to the provisions Dr. Blauwhoff as an Independent Director of the Company for a
of Section 161 of the Act and Article 121 of the Articles of Association period commencing February 7, 2017 through February 6, 2022.
of the Company, Mr. N. Chandrasekaran will hold office up to the Dr. Blauwhoff, once appointed, will not be liable to retire by
date of the ensuing Annual General Meeting (AGM) and is eligible rotation.
to be appointed a Director of the Company. The Company has, in
In the opinion of the Board, Dr. Blauwhoff is a person of integrity,
terms of Section 160 of the Act, received, in writing, a notice from a
fulfils the conditions specified in the Act and the Rules made
Member, along with the requisite deposit of 1,00,000/-, proposing
thereunder and is independent of the Management of the
the candidature of Mr. Chandrasekaran for the office of Director.
Company. A copy of the letter of appointment of Dr. Blauwhoff as
Mr. Chandrasekaran, once appointed, will be liable to retire by
an Independent Director setting out the terms and conditions is
rotation and will be subject to the Tata Group Policy on Retirement
available for inspection without any fee payable by the Members at
of Directors adopted by the Company.
the Registered Office of the Company during the normal business
The Company has received from Mr. Chandrasekaran (i) Consent hours on working days up to the date of the AGM.
in writing to act as Director in Form DIR-2 pursuant to Rule 8
The profile and specific areas of expertise of Dr. Blauwhoff are
of the Companies (Appointment & Qualification of Directors)
provided as annexure to this Notice.
Rules, 2014 and (ii) Intimation in Form DIR-8 in terms of the
Companies (Appointment & Qualification of Directors) Rules, None of the Director(s) and Key Managerial Personnel of the
2014, to the effect that he is not disqualified under Section Company or their respective relatives, except Dr. Blauwhoff, to
164(2) of the Act. whom the resolution relates, are concerned or interested in the
Resolution mentioned at Item No. 7 of the Notice.
The profile and specific areas of expertise of Mr. Chandrasekaran are
provided as annexure to this Notice. The Board recommends the resolution set forth in Item No. 7 for
the approval of the Members.
Company or their respective relatives, except Mr. Chandrasekaran,
Item No. 8:
to whom the resolution relates, are concerned or interested in the
Resolution mentioned at Item No. 6 of the Notice. The Board of Directors (Board) upon recommendation of the
Nomination and Remuneration Committee, appointed Mr. Aman
The Board recommends the resolution set forth in Item No. 6 for the
Mehta, as an Additional (Independent) Director of the Company,
approval of the Members.
not liable to retire by rotation, effective March 29, 2017. Pursuant
to the provisions of Section 161 of the Act and Article 121 of the
Item No. 7:
Articles of Association of the Company, Mr. Mehta will hold office up
The Board of Directors (Board), upon recommendation of to the date of the ensuing Annual General Meeting (AGM) and is
the Nomination and Remuneration Committee, appointed eligible to be appointed a Director of the Company. The Company
Dr. Peter (Petrus) Blauwhoff as an Additional (Independent) has, in terms of Section 160 of the Act, received, in writing, a notice
Director of the Company, not liable to retire by rotation, effective from a Member, along with the requisite deposit of 1,00,000/-,
February 7, 2017. Pursuant to the provisions of Section 161 of the proposing the candidature of Mr. Mehta for the office of Director.

NOTICE
The Company has received from Mr. Aman Mehta (i) Consent disqualified under Section 164(2) of the Act and (iii) a declaration to
in writing to act as Director in Form DIR-2 pursuant to Rule 8 of the effect that he meets the criteria of independence as provided in
the Companies (Appointment & Qualification of Directors) Rules, Section 149(6) of the Act.
2014, (ii) Intimation in Form DIR-8 in terms of the Companies
The resolution seeks the approval of the Members in terms of Section
(Appointment & Qualification of Directors) Rules, 2014, to the effect
149 and other applicable provisions of the Act, read with Schedule
that he is not disqualified under Section 164(2) of the Act and (iii) a
IV of the Act and the Rules made thereunder, for appointment of
declaration to the effect that he meets the criteria of independence
Mr. Kapoor as an Independent Director of the Company for a period
as provided in Section 149(6) of the Act.
commencing April 1, 2017 through March 31, 2022. Mr. Kapoor, once
The resolution seeks the approval of the Members in terms of appointed, will not be liable to retire by rotation.
Section 149 and other applicable provisions of the Act, read
In the opinion of the Board, Mr. Kapoor is a person of integrity, fulfils
with Schedule IV of the Act and the Rules made thereunder, for
the conditions specified in the Act and the Rules made thereunder
appointment of Mr. Mehta as an Independent Director of the
and he is independent of the Management of the Company. A copy
Company for a period commencing March 29, 2017 through
of the letter of appointment of Mr. Kapoor as an Independent Director
August 31, 2021. Mr. Mehta, once appointed, will not be liable to
setting out the terms and conditions is available for inspection
retire by rotation and will be subject to the Tata Group Policy on
without any fee payable by the Members at the Registered Office of
Retirement of Directors adopted by the Company.
the Company during the normal business hours on working days up
In the opinion of the Board, Mr. Mehta is a person of integrity, fulfils to the date of the AGM.
the conditions specified in the Act and the Rules made thereunder
The profile and specific areas of expertise of Mr. Kapoor are provided
and is independent of the Management of the Company. A copy of
as annexure to this Notice.
the letter of appointment of Mr. Mehta as an Independent Director
setting out the terms and conditions is available for inspection None of the Director(s) and Key Managerial Personnel of the Company
without any fee payable by the Members at the Registered Office or their respective relatives, except Mr. Kapoor, to whom the resolution
of the Company during the normal business hours on working days relates, are concerned or interested in the Resolution mentioned at
up to the date of the AGM. Item No. 9 of the Notice.
The profile and specific areas of expertise of Mr. Mehta are provided The Board recommends the resolution set forth in Item No. 9 for the
as annexure to this Notice. approval of the Members.
Item No. 10:
Company or their respective relatives, except Mr. Mehta, to whom
the resolution relates, are concerned or interested in the Resolution The Company is required under Section 148 of the Act read with
mentioned at Item No. 8 of the Notice. the Companies (Cost Records and Audit) Rules, 2014, as amended
from time to time (Cost Audit Rules), to have the audit of its
The Board recommends the resolution set forth in Item No. 8 for
cost records for products covered under the Cost Audit Rules
the approval of the Members.
conducted by a Cost Accountant in Practice. The Board of Directors
of the Company has on the recommendation of the Audit
Item No. 9:
Committee, approved the appointment and remuneration of
The Board of Directors (Board) upon recommendation of Messrs Shome & Banerjee, Cost Accountants as the Cost Auditor
the Nomination and Remuneration Committee, appointed for Financial Year 2017-18.
Mr. Deepak Kapoor as an Additional (Independent) Director of the
In accordance with the provisions of Section 148(3) of the Act read
Company, not liable to retire by rotation, effective April 1, 2017.
with Rule 14 of the Companies (Audit and Auditors) Rules, 2014,
Pursuant to the provisions of Section 161 of the Act and Article 121
the remuneration payable to the Cost Auditors as recommended
of the Articles of Association of the Company, Mr. Deepak Kapoor
by the Audit Committee and approved by the Board of Directors
will hold office up to the date of the ensuing Annual General
has to be ratified by the Members of the Company. Accordingly,
Meeting (AGM) and is eligible to be appointed a Director of
the consent of the Members is sought for passing an Ordinary
the Company. The Company has, in terms of Section 160 of the
Resolution as set out at Item No. 10 of the Notice for ratification
Act, received, in writing, a notice from a Member, along with the
of the remuneration payable to the Cost Auditors for the Financial
requisite deposit of 1,00,000/-, proposing the candidature of
Year ending March 31, 2018.
Mr. Kapoor for the office of Director.
The Company has received from Mr. Deepak Kapoor (i) Consent
Company or their respective relatives are concerned or interested
in writing to act as Director in Form DIR-2 pursuant to Rule 8 of the
Companies (Appointment & Qualification of Directors) Rules, 2014,
(ii) Intimation in Form DIR-8 in terms of the Companies (Appointment The Board recommends the resolution set forth in Item No. 10 for
& Qualification of Directors) Rules, 2014, to the effect that he is not the approval of the Members.

Item No. 11: The Members of the Company through the resolution passed
by Postal Ballot on August 1, 2014 had approved the borrowing
Over the last few years, the Company has been investing in its steel
limits pursuant to the provisions of the Section 180(1)(c) of
making facilities in India while continuing to upgrade its facilities
the Act of 70,000 crore or the aggregate of the paid up capital
in Europe and South-East Asia. The Company seeks to balance its
and free reserves of the Company, whichever is higher. As on
growth ambitions with its goal of having a healthy balance sheet.
March 31, 2017, the net worth of the Company is 51,934 crore
Growth opportunities are carefully evaluated and benchmarked
and the total debt of the Company is 28,285 crore including
against its cost of capital. Moreover, all selected growth projects
outstanding NCDs of 10,176 crore.
are phased keeping in mind the financial health of the Company.
To allow the Company the flexibility to tap into these pools
As a step towards improving its capital structure, the Company
opportunistically, the Company is seeking approval from its
strives to maximise the use of internal accruals and to monetise
Members under Sections 23, 42, 71 and other applicable provisions,
its non-core assets regularly to fund capital expenditure. The
if any, of the Act, read together with the PAS Rules and Companies
Company also seeks to continuously optimise its borrowings by
(Share Capital & Debentures) Rules, 2014, to issue securities,
ensuring they are aligned in terms of quantum, risk, maturity and
as set out in the Special Resolution at Item No. 11 of the Notice,
cost with its earnings profile. Financial markets are very dynamic
not exceeding 10,000 crore through issuance of NCDs in the
in nature and it is hard to predict when and which market may
international and / or domestic capital markets.
provide us with windows of opportunity to raise capital that
is cost-effective, has better terms and can help lengthen our None of the Director(s) and Key Managerial Personnel of the
maturity profile. Company or their respective relatives are concerned or interested
The provisions of Sections 23, 42 and 71 of the Act read with Rule
14(2)(a) of the Companies (Prospectus and Allotment of Securities) The Board recommends the resolution set forth in Item No. 11 for
Rules, 2014 (the PAS Rules), provide that a company shall not the approval of the Members.
make a private placement of its securities unless the proposed
By Order of the Board of Directors
offer of securities or invitation to subscribe to the securities has
been previously approved by the Members of the Company by a
sd/-
special resolution. The second proviso to Rule 14(2)(a) of the PAS
Parvatheesam K
Rules provides that in case of an offer or invitation to subscribe to
Mumbai Company Secretary
Non-Convertible Debentures (NCDs) on private placement basis,
May 16, 2017 (ACS: 15921)
the Company can obtain previous approval by means of a special
resolution once a year for all offers or invitations for such NCDs
Registered Office:
during the year.
The pricing for any instrument which may be issued by the Fort, Mumbai-400 001
Company on the basis of the Resolution set out at Item No. 11 Tel: +91 22 6665 8282 Fax: +91 22 6665 7724
of the Notice will be done by the Board or a Committee thereof CIN: L27100MH1907PLC000260
in accordance with applicable laws including the SEBI (Issue and Website: www.tatasteel.com
Listing of Debt Securities) Regulations, 2008 and foreign exchange Email: cosec@tatasteel.com
regulations, as may be applicable.

NOTICE
ANNEXURE TO THE NOTICE
Details of the Directors seeking appointment/re-appointment at the forthcoming Annual General Meeting
[Pursuant to Regulations 26(4) and 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
Secretarial Standard on General Meetings]
Profile of Mr. Dinesh Kumar Mehrotra 5. Computer Age Management Services Private Limited
6. Tata AIA Life Insurance Company Limited
Mr. Dinesh Kumar Mehrotra (64) was
7. West End Housing Finance Limited
appointed as a Member of the Board
effective October 22, 2012.
Chairperson of Board Committees
In the past, Mr. Mehrotra served as the
Chairman of Life Insurance Corporation Metropolitan Stock Exchange of India Limited
of India (LIC). Prior to that he was the Audit Committee
Managing Director of LIC. He also served Nomination and Remuneration cum Compensation Committee
as the Executive Director (International
Operations) to lead the Corporations Indian Energy Exchange Limited
overseas thrust. Mr. Mehrotra joined LIC Audit Committee
as a Direct Recruit Officer in 1977 and in an illustrious career spanning Surveillance Committee
35 years, served in several pivotal positions in LIC. Mr. Mehrotra has
attended several important knowledge forums in India and abroad Computer Age Management Services Private Limited
and is associated with the apex training institutes of insurance Audit Committee
in India like the National Insurance Academy and the Insurance Nomination and Remuneration Committee
Institute of India. Investment Committee
Mr. Mehrotra is an Honours Graduate in Science from the University
Tata AIA Life Insurance Company Limited
of Patna.
Investment Committee
Particulars of experience, attributes or skills that qualify
Member of Board Committees
candidate for Board membership
Mr. Mehrotra has demonstrated executive leadership as the Metropolitan Stock Exchange of India Limited
former Chairman of LIC and he has provided valued insights and Corporate Social Responsibility Committee
perspectives to the Board deliberations on complex financial and Stakeholder Relationship Committee
operational issues. His unique insights with respect to regulatory and
policy matters, compliance and internal controls has strengthened Indian Energy Exchange Limited
the Boards collective knowledge, capabilities and experience. Nomination and Remuneration Committee
Board Meeting Attendance and Remuneration VLS Finance Limited

Audit Committee
During the year, Mr. Mehrotra attended ten out of the eleven Board
Meetings held.
Tata AIA Life Insurance Company Limited
Details regarding the compensation is provided in the Corporate Audit Committee
Governance Report forming part of the Directors Report.
Disclosure of Relationship inter-se between Directors,
Manager and other Key Managerial Personnel
Bodies Corporate (other than Tata Steel Limited) in which
Mr. Dinesh Kumar Mehrotra holds Directorships and There is no inter-se relationship between Mr. Dinesh Kumar
Committee memberships Mehrotra, other Members of the Board and Key Managerial
Personnel of the Company.
Directorships
1. Metropolitan Stock Exchange of India Limited Shareholding in the Company
2. Cams Insurance Repository Services Limited
Mr. Dinesh Kumar Mehrotra does not hold any Ordinary (equity)
3. Indian Energy Exchange Limited
Shares of the Company.
4. VLS Finance Limited

Profile of Mr. Koushik Chatterjee By virtue of his background and experience Mr. Chatterjee has an
extraordinarily broad and deep knowledge of the steel industry.
Mr. Koushik Chatterjee (48) was inducted His experiences will enable him to provide the Board with valuable
as a Whole-time Director of the Company insights on a broad range of business, social and governance issues
effective November 9, 2012. Mr. Chatterjee that are relevant to the Company.
is responsible for all corporate functions
His re-appointment will strengthen the Boards knowledge,
such as Finance, Legal, Secretarial,
capability and experience.
Communications and Regulatory Affairs
among others. He is also the Companys Board Meeting Attendance and Remuneration
Executive Director in charge for the Tata
Steel operations in Europe. During the year, Mr. Chatterjee attended each of the eleven Board
Meetings held.
Mr. Chatterjee joined the Company in 1995. During his stint in the
Company, he worked in the areas of Corporate Finance and Planning. Mr. Chatterjee, being an Executive Director was not paid any sitting
Mr. Chatterjee also worked in the Group Executive Office at Tata Sons fees for attending the meetings of the Board/Committees.
Limited and became General Manager-Corporate Finance in 2002. Details regarding the compensation is provided in the Corporate
Mr. Chatterjee re-joined the Company on August 1, 2003 and was Governance Report forming part of the Directors Report.
appointed the Vice President (Finance) effective August 1, 2004.
During his tenure, Mr. Chatterjee led the first overseas acquisition of Bodies Corporate (other than Tata Steel Limited) in which
the Company - NatSteel Asia which has 2 MnTPA finishing facilities in Mr. Koushik Chatterjee holds Directorships and Committee
7 countries in South East Asia. He subsequently led the acquisition of memberships
a 1.7MnTPA Millennium Steel (now Tata Steel Thailand) in Thailand.
In 2006-07, he played a critical role in the acquisition of Corus Group Directorships
plc for USD 13.7 billion, leading the countrys largest capital raising 1. Tata Metaliks Limited
process for the acquisition. 2. The Tinplate Company of India Ltd
3. Tata Steel Special Economic Zone Limited
Mr. Chatterjee is a frequent speaker in various academic, professional 4. Tata Steel Foundation (Section 8 Company)
and policy forums in India and abroad including the McKinsey 5. Tata Steel Europe Limited
Global CFO Forum 2008, Economist Conferences, G20 Summit, 6. TS Global Holdings Pte. Ltd.
London Business School, Oxford University, International Integrated 7. TS Global Minerals Holdings Pte. Ltd.
Reporting Council and CII. He is a member of the Primary Market 8. TS Global Procurement Co. Pte. Ltd.
Advisory Committee on Capital Markets of SEBI and was a member
of the Takeover Regulations Advisory Committee of SEBI, which Member of Board Committees
drafted the new Takeover Code. He has recently been appointed as Tata Metaliks Limited
the first Indian on the Global Preparers Forum which is an advisory Nomination and Remuneration Committee
body of the International Accounting Standards Board, London.
The Tinplate Company of India Ltd.
Mr. Chatterjee is an Honours Graduate in Commerce from Calcutta
Nomination and Remuneration Committee
University and a Fellow Member of The Institute of Chartered
Accountants of India.
Tata Steel Special Economic Zone Limited
Tata Steel Europe Limited
Mr. Koushik Chatterjee has valuable experience in managing the Audit Committee
issues faced by large and complex corporations as a result of his Executive Committee
services at Tata Sons Limited and Tata Steel Limited. Board Pension Committee
Mr. Chatterjee brings to the Board extensive experience in the areas Disclosure of Relationship inter-se between Directors,
of business responsibility (re-structuring and turnaround of large Manager and other Key Managerial Personnel
organisations), business development (mergers, acquisitions and There is no inter-se relationship between Mr. Koushik Chatterjee,
divestments), strategies relating to financing and raising of capital, other Members of the Board and Key Managerial Personnel
strategic communication, risk management, crisis leadership, of the Company.
public affairs, advocacy, legal, compliance and governance.
Mr. Chatterjees experience demonstrates his leadership capability,
Shareholding in the Company
general business acumen and knowledge of complex financial and Mr. Koushik Chatterjee holds 1,320 Ordinary (equity) Shares of the
operational issues that large corporations face. Company.

NOTICE
Profile of Mr. N. Chandrasekaran Particulars of experience, attributes or skills that qualify

Mr. N. Chandrasekaran (53) was
appointed as a Member of the Board Under the leadership of Mr. Chandrasekaran, TCS became the
effective January 13, 2017 and as largest private sector employer in India with the highest retention
Chairman of the Board effective rate in a globally competitive industry. Under Mr. Chandrasekarans
February 7, 2017. leadership, TCS was rated as the worlds most powerful brand in IT
services in 2015 and was recognised as a Global Top Employer by
Mr. Chandrasekaran is the Chairman
the Top Employers Institute across 24 countries. A technopreneur
of Tata Sons Limited and the former
known for his ability to make big bets on new technology,
Chief Executive Officer and Managing
Mr. Chandrasekaran shaped TCSs strong positioning in the
Director of Tata Consultancy Services
emerging digital economy with a suite of innovative digital
Limited (TCS), a leading global IT
products and platforms for enterprises, some of which have since
solution and consulting firm, a position he has held since 2009.
scaled into sizeable new businesses.
Mr. Chandrasekaran joined TCS in 1987 after completing his
Mr. Chandrasekaran having been the CEO of TCS brings with
Masters in Computer Applications from Regional Engineering
him valuable experience in managing the issues faced by large
College, Trichy, Tamil Nadu, India.
and complex organisations. The Company and the Board will
He has been on the Board of Indias Central Bank, the Reserve immensely benefit by leveraging his demonstrated leadership
Bank of India since 2016. He has served as the Chairperson of capability, general business acumen and knowledge of complex
IT Industry Governors at the World Economic Forum, Davos, in financial and operational issues faced by the Company.
2015-16. He has been playing an active role in the Indo-US and
Mr. Chandrasekaran also brings rich experience in various areas of
India-UK CEO Forums. He is also part of Indias business taskforces
business, technology, operations, societal and governance matters.
for Australia, Brazil, Canada, China, Japan and Malaysia. He served
as the Chairman of Nasscom, the apex trade body for IT services
Board Meeting Attendance and Remuneration
firms, in India in 2012-13 and continues to be a Member of its
Governing Executive Council. During the year, Mr. N. Chandrasekaran attended two Board
Meetings that were held post his appointment as Director.
Mr. Chandrasekaran has received several awards and recognitions
in the business community. Recently, he was honoured with the Details regarding the compensation is provided in the Corporate
Business Leader Award at the ET Awards for Corporate Excellence Governance Report forming part of the Directors Report.
2016. He was also awarded Qimpro Platinum Standard Award 2015 Mr. Chandrasekaran being the Executive Chairman of Tata Sons did
(Business) and Business Todays Best CEO 2015 (IT and ITEs). He was not accept commission from the Company.
voted the Best CEO for the fifth consecutive year by the Institutional
Investors 2015 Annual All-Asia Executive Team rankings. During Bodies Corporate (other than Tata Steel Limited) in which
2014, he was voted as one of CNBC TV 18 Indian Business Icons. Mr. N. Chandrasekaran holds Directorships and Committee
He was also awarded CNN-IBN Indian of the Year 2014 in the business memberships
category. Mr. Chandrasekaran was presented with the Best CEO for
2014 award by Business Today for the second consecutive year. Directorships
He has also received the Medal of the City of Amsterdam - Frans 1. Tata Sons Limited
Banninck Coqc - in recognition of his endeavour to promote trade 2. Tata Consultancy Services Limited
and economic relations between Amsterdam and India. 3. Tata Motors Limited
4. The Indian Hotels Company Limited
Mr. Chandrasekaran was conferred with an honorary doctorate by
5. The Tata Power Company Limited
Jawaharlal Nehru Technological University, Hyderabad, India (2014).
6. TCS Foundation (Section 8 company)
He has received an honorary doctorate from Nyenrode Business
7. Jaguar Land Rover Automotive Plc
Universiteit, Netherlands top private business school (2013). He has
8. Reserve Bank of India
also been conferred honorary degrees by many Indian universities
such as the Gitam University, Visakhapatnam, Andhra Pradesh (2013); Chairperson of Board Committees
Kalinga Institute of Industrial Technology University, Bhubaneswar,
Odisha (2012); and the Sri Ramaswami Memorial University, Chennai, Tata Consultancy Services Limited
Tamil Nadu (2010). Corporate Social Responsibility Committee
Executive Committee
Tata Motors Limited
Executive Committee

Member of Board Committees Particulars of experience, attributes or skills that qualify
Tata Sons Limited
Dr. Blauwhoff is a successful international leader with over 30 years
of experience in the energy industry, in particular the downstream
Special Committee
oil and gas business. He has wide range of experience in refining,
Tata Consultancy Services Limited supply, marketing and end-to-end value creation in challenging
Nomination and Remuneration Committee downstream organisations. Dr. Blauwhoff comes with strong
Risk Management Committee track record in senior political and customer stakeholder and
organisational change management.
Tata Motors Limited
Nomination and Remuneration Committee Dr. Blauwhoff brings with him extensive experience in stewarding
successful transformational changes within established, respected
The Indian Hotels Company Limited multinational company(ies), deep knowledge of the global
Nomination and Remuneration Committee manufacturing industry in general and of the energy, oil and gas
business in particular and knowledge of European region.
Reserve Bank of India
With the above exceptionally distinguished record of
Human Resource Management Sub-committee
accomplishments, Dr. Blauwhoff is well poised to add significant
Disclosure of Relationship inter-se between Directors, value and strength to the Board.
There is no inter-se relationship between Mr. N. Chandrasekaran,
other Members of the Board and Key Managerial Personnel of the During the year, Dr. Blauwhoff attended one Board Meeting that
Company. was held post his appointment.
Details regarding the compensation is provided in the Corporate
Governance Report forming part of the Directors Report.
Mr. N. Chandrasekaran does not hold any Ordinary (equity) Shares
of the Company. Bodies Corporate (other than Tata Steel Limited) in which
Dr. Peter (Petrus) Blauwhoff holds Directorships and
Committee memberships
Profile of Dr. Peter (Petrus) Blauwhoff
Directorships
Dr. Peter (Petrus) Blauwhoff (63) was 1. Stichting (Foundation) Netherlands Normalisatie Instituut (NEN)
inducted as an Independent Member 2. Royal HaskoningDHV B.V.
of the Board of Directors effective 3. Blauwhoff International Consulting
February 7, 2017. 4. Blue Court Holding B.V.
5. Stichting (Foundation) de PAN
Dr. Blauwhoff also serves as the
6. Kongstein AS
Chairman of the Board of
the Netherlands Standardization Chairperson of Board Committee
Institute (NEN), and as a Member
of the Supervisory Board of Royal Royal HaskoningDHV B.V.
HaskoningDHV since June 2015. Between 2008 and 2015, Remuneration and Nomination Committee
Dr. Blauwhoff held the position as the Chief Executive Officer of
Deutsche Shell Holding GmbH, Hamburg, Germany. He served, Disclosure of Relationship inter-se between Directors,
among others, as Chairman of the German National Oil Industry Manager and other Key Managerial Personnel
Association and as a Vice-Chairman of the German Forum for
There is no inter-se relationship between Dr. Peter (Petrus)
Future Energies.
Blauwhoff, other Members of the Board and Key Managerial
Dr. Blauwhoff holds a Doctorate in Technical Sciences and Personnel of the Company.
a graduate degree in Chemical Engineering, with honours
(cum laude) from University of Twente, Netherlands. Shareholding in the Company
Dr. Peter (Petrus) Blauwhoff does not hold any Ordinary (equity)
Shares of the Company.

NOTICE
Profile of Mr. Aman Mehta Chairperson of Board Committees

Mr. Aman Mehta (70) was appointed
Tata Consultancy Services Limited
as an Independent Member of the
Audit Committee
Board of Directors effective March 29,
2017. Mr. Mehta has over 39 years of
experience in various positions with Max Financial Services Limited
the HSBC Group from where he retired Corporate Social Responsibility Committee
in January 2004 as CEO Asia Pacific.
Vedanta Resources Plc
Formerly, he has been a Member of
Audit Committee
the Supervisory Board of ING Group
NV and a Director of Raffles Holdings,
PCCW Limited
Singapore. He is also a Member of the Governing Board of the
Audit Committee
Indian School of Business, Hyderabad and a Member of the
Nomination Committee
International Advisory Board of Prudential of America.
Remuneration Committee
Mr. Mehta holds a Graduate Degree in Economics from Delhi
HKT Limited
University.
Member of Board Committees
candidate for Board membership:
Mr. Mehta has extensive experience in the field of Banking/ Finance Tata Consultancy Services Limited
and has a proven track record of successfully managing large Bank Account Committee
multinational enterprises. Mr. Mehta occupies himself primarily
with Corporate Governance, Board and Advisory Roles in a range Wockhardt Limited
of global manufacturing and technology companies such as Tata Audit Committee
Consultancy Services Limited. His prior experience enables him Shareholder/Investors Grievance Committee
to provide the Board with valuable insights on a broad range of
business, social and governance issues that are relevant to large Godrej Consumer Products Limited
corporations. Audit Committee
Max Financial Services Limited
Post the appointment of Mr. Aman Mehta, no Board meetings were
Audit Committee
held during the Financial Year 2016-17.
Bodies Corporate (other than Tata Steel Limited) in which
Vedanta Resources Plc
Mr. Aman Mehta holds Directorships and Committee
Remuneration Committee
memberships
Directorships Disclosure of Relationship inter-se between Directors,
1. Tata Consultancy Services Limited Manager and other Key Managerial Personnel
2. Wockhardt Limited
There is no inter-se relationship between Mr. Aman Mehta,
3. Godrej Consumer Products Limited
other Members of the Board and Key Managerial Personnel of
4. Max Financial Services Limited
the Company.
5. Vedanta Resources Plc
6. PCCW Limited
7. HKT Limited
Mr. Aman Mehta does not hold any Ordinary (equity) Shares of the
Company.

Profile of Mr. Deepak Kapoor consumer products, manufacturing, telecom, technology,
healthcare, entertainment and media.
Mr. Deepak Kapoor (58) was appointed
as an Independent Member of the Board Mr. Kapoors senior executive level experience in business and
of Directors effective April 1, 2017. management provides him with an insightful perspective on
strategic planning, risk oversight and operational matters that is
Mr. Deepak Kapoor is the former
valuable to the Board.
Chairman of PwC India. Mr. Kapoor
has been associated with PwC India for Board Meeting Attendance and Remuneration
over 30 years. He was named Partner in
Mr. Deepak Kapoor was appointed effective April 1, 2017 and
1991 and was the Managing Director
hence the above details are not applicable to him for the year
between 2007 and 2016. As member
ended March 31, 2017.
of PwCs India Leadership Team,
Mr. Kapoor served in various leadership and client service roles. Bodies Corporate (other than Tata Steel Limited) in which
Mr. Deepak Kapoor holds Directorships and Committee
Mr. Deepak Kapoor is a meritorious Commerce Graduate from
membership
Delhi University (third rank holder). He is a Fellow Member of
The Institute of Chartered Accountants of India, Fellow Member of None
The Institute of Company Secretaries of India and a Member of the
Chairperson and Member of Board Committees
Institute of Certified Fraud Examiners, USA.
None
candidate for Board membership Disclosure of Relationship inter-se between Directors,
Mr. Deepak Kapoor has led deals for more than eight years and
has practiced in the areas of Telecom, Entertainment and Media There is no inter-se relationship between Mr. Deepak Kapoor,
for over ten years. Mr. Kapoor successfully steered the PwC India other Members of the Board and Key Managerial Personnel of the
during very challenging times and has strengthened the firms Company.
footprint in India. Mr. Kapoor has extensive experience in the audit
function as well as business advisory related work. His experience,
in India and overseas, encompasses multiple industries including Mr. Deepak Kapoor does not hold any Ordinary (equity) Shares of
the Company.

Route Map to the AGM Venue
ver
Marine Lines lyo
esF
Railway Station e Lin
rin
Ma
Ma
ha
rsh
iK
arv
eR
oa
d
RO
Mas
jid MET ema
Gol er
Walt za B i g Cin Ma
u
DSo an ha
Udy
a
pa
inem lik
ro C p aM
Met ol Pum ar
Petr g
Kala
tan
Nike
Maha
Mahatm
Ma
spital ha al
Bombay Ho pa icip
Mun ration
rshi K
lik o
Corp ding
aM Buil
a Gand
d
ens
Roa ar
g
arve
Que
hi Roa
Road
Azad
d
n Maidan
Kha
UAH arg
M
Chatrapati
o ad Shivaji
D NR Terminus
(CST )
Maharshi Karve Roa
Birla Matushri Sabhagar,

19, Sir Vithaldas Thackersey Marg,
Mumbai - 400 020.
ad
Ro
DN
d
Flora
Fountain
Churchgate
Railway Station
NOTES
NOTES
NOTES
NOTES
To,
TSR Darashaw Limited
Unit: Tata Steel Limited
6-10, Haji Moosa Patrawala Industrial Estate,
20, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011
Updation of Shareholders Information

I/We request you to record the following information against my/our Folio No.:
General Information:
Folio No.:
Name of the first named Shareholder:
PAN:*
CIN/Registration No.:*
(applicable to Corporate Shareholders)
Tel. No. with STD Code:
Mobile No.:
E-mail id:
*Self attested copy of the document(s) enclosed.
Bank Details:
IFSC:
(11 digit)
MICR:
(9 digit)
Bank A/c Type:
Bank A/c No.: *
Name of the Bank:
Bank Branch Address:
*A blank cancelled cheque is enclosed to enable verification of bank details.

I/We hereby declare that the particulars given above are correct and complete. If the transaction is delayed because of
incomplete or incorrect information, I/We would not hold the Company/RTA responsible. I/We undertake to inform any
subsequent changes in the above particulars as and when the changes take place. I/We understand that the above details shall
be maintained till I/We hold the securities under the above mentioned Folio No.
Place:
Date:
_________________________
Signature of Sole/First holder
Tata Steel Limited
Registered Office: Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001.
Tel.: +91 22 6665 8282 Fax: +91 22 6665 7724 Corporate Identity No.: (CIN) L27100MH1907PLC000260
Website: www.tatasteel.com Email: cosec@tatasteel.com
Attendance Slip
(To be presented at the entrance)
110TH ANNUAL GENERAL MEETING ON TUESDAY, AUGUST 8, 2017, AT 3.00 P.M.
at Birla Matushri Sabhagar,19, Sir Vithaldas Thackersey Marg, Mumbai - 400 020.
Folio No. DP ID No. Client ID No.
Name of the Member: Signature:
Name of the Proxyholder: Signature:

I hereby record my presence at the 110th Annual General Meeting of the Company held on Tuesday, August 8, 2017, at 3.00 p.m. IST at Birla Matushri
NOTICE
Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai 400 020.
1. Only Member/Proxyholder can attend the Meeting.
2. Member/Proxyholder should bring his/her copy of the Integrated Report for reference at the Meeting.
Tata Steel Limited

Registered Office: Bombay House, 24, Homi Mody Street, Fort, Mumbai-400 001.
Tel.: 91 22 6665 8282 Fax: 91 22 6665 7724 Corporate Identity No.: (CIN) L27100MH1907PLC000260
Website: www.tatasteel.com Email: cosec@tatasteel.com
Proxy Form
(Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies (Management and Administration) Rules, 2014)
Name of the Member(s) :
Registered address :
E-mail Id :
Folio No./Client ID No. DP ID No.
I/We, being the member(s) of Equity Shares of Tata Steel Limited, hereby appoint
1. Name: E-mail Id:
Address:
Signature: or failing him
2. Name: E-mail Id:
Address:
Signature: or failing him
3. Name: E-mail Id:
Address:
Signature:
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 110th Annual General Meeting of the Company to be
held on Tuesday, August 8, 2017, at 3.00 p.m. IST at Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai-400 020 and at any
adjournment thereof in respect of such resolutions as are indicated below:
** I wish my above Proxy to vote in the manner as indicated in the box below:
Resolution
Resolution For Against
No.
Ordinary Business
1 a) Consider and adopt Audited Standalone Financial Statements for the Financial
Year ended March 31, 2017 and the Reports of the Board of Directors and
Auditors thereon
1 b) Consider and adopt Audited Consolidated Financial Statements for the Financial
Year ended March 31, 2017 and the Report of the Auditors thereon
Resolution
Resolution For Against
No.
Ordinary Business
2 Declaration of dividend on Ordinary (equity) Shares for Financial Year 2016-17

3 Appointment of Director in place of Mr. Dinesh Kumar Mehrotra, (DIN: 00142711) who
retires by rotation and being eligible, seeks re-appointment
4 Appointment of Director in place of Mr. Koushik Chatterjee, (DIN: 00004989) who retires
by rotation and being eligible, seeks re-appointment
5 Appointment of Price Waterhouse & Co Chartered Accountants LLP, Chartered
Accountants as Statutory Auditors of the Company
Special Business
6 Appointment of Mr. N. Chandrasekaran, (DIN: 00121863) as a Director
7 Appointment of Dr. Peter (Petrus) Blauwhoff (DIN: 07728872) as an Independent Director
8 Appointment of Mr. Aman Mehta, (DIN: 00009364) as an Independent Director
9 Appointment of Mr. Deepak Kapoor, (DIN: 00162957) as an Independent Director
10 Ratification of the remuneration of Messrs Shome & Banerjee, Cost Auditors of the
Company
11 Issue of Non- Convertible Debentures on Private Placement Basis not exceeding
`10,000 crore
Affix
Signed this day of 2017 Revenue
Stamp
Signature of Shareholder Signature of Proxyholder(s)
NOTES:
1. This Form of Proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company at Bombay
House, 24, Homi Mody Street, Fort, Mumbai-400 001, not less than 48 hours before the commencement of the Meeting.
** 2. This is only optional. Please put a in the appropriate column against the resolutions indicated in the Box. If you leave the For or
Against column blank against any or all the resolutions, your Proxy will be entitled to vote in the manner as he/she thinks appropriate.
3. Appointing proxy does not prevent a member from attending in person if he so wishes.
4. In case of jointholders, the signature of any one holder will be sufficient, but names of all the jointholders should be stated.
Samvaad - A Tribal Conclave
Samvaad - A Tribal Conclave to revive, preserve Board Members' visit to Jamshedpur on

and promote tribal culture (November 2016) Founder's Day (March 3, 2017)
Kolkata Literary Meet (January 2017) Kolkata 25K Run (December 2016)
Bhubaneswar Literary Meet (January 2017) Bhubaneswar Half Marathon (January 2017)
Enriching Lives, Enabling Excellence

Tata Steel Limited
Bombay House, 24 Homi Mody Street, Mumbai - 400 001
www.tatasteel.com
Scan the QR Code and download the /TataSteelLtd /company/tata-steel

'Tata Steel' app on your device now!
/tatasteelltd /user/thetatasteel

Tata Steel 2016-17

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Tata Steel 2016-17

Transféré par

Droits d'auteur :

Formats disponibles

M

Integrated Report &

Tata Steel has been publishing Reporting Principle Reporting Period

Independent Assurance Forward Looking Statements

23.88 MnT Contents

`1,17,420 Cr. Board of Directors

`17,025 Cr. Key Market Segments

LTIFR* STATUTORY REPORTS

39% From FY2010 Annexures 88

steel plant in India to be rated Notice 353

CII-Green Business Centre

Steel Industry Leader in the

TURNOVER PAT EBITDA CAPEX

`53,261 Cr. `3,445 Cr. 22% `3,173 Cr.

NEW STEEL MAKING TOTAL CRUDE STEEL SAVINGS THROUGH

3 MnTPA 11.68 MnT `3,400 Cr. 7.7 MnT

870 360 `681 Cr. 5%

2 INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR

19% ~2% 15% ~100% 92.5%

SUPPLIERS BASE CHANNEL PARTNERS CUSTOMERS COLLABORATIONS

5,000+ 12,000+ 81.3% 42

Social Capital Natural Capital

CSR OUTREACH CSR SPEND ENERGY INTENSITY WATER CONSUMPTION

INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR 3

Steel Melting Shop, Tata Steel Kalinganagar

INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR 5

Ownership Structure 49%

Tata Steel is headquartered in Mumbai, India.

6 INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR

KEY PERFORMANCE INDICATORS (Tata Steel India)

EBITDA/TURNOVER (%) PBET/ TURNOVER (%)

FY17 22.44 FY17 11.38

FY17 9.80 FY17 6.83

FY17 33.67 FY17 0.44

Our ROCE was 9.8%

INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR 7

Mr. Ratan N. Tata

Standing (Left to Right)

Board Committees Mr. D. K. Mehrotra Mr. T. V. Narendran

5 Stakeholders' Relationship Mr. Andrew Robb Mr. Ishaat Hussain

8 INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR

INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR 9

10 INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR

A DIALOGUE WITH MANAGEMENT

Mr. Koushik Chatterjee Mr. T. V. Narendran

INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR 11

How was the performance of the subsidiary companies of

12 INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR

Our participation in the Task Force on Climate-related Financial

INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR 13

Manufactured Capital UOM FY17

Intellectual Capital UOM FY 17

Relationship Capital UOM FY17

Natural Capital UOM FY17

14 INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR

ACTIONS TO ENHANCE/MITIGATE OUTCOMES

Manufactured Capital UOM FY17

Intellectual Capital UOM FY16

Human Capital UOM FY17

GENERAL ENGINEERING SEGMENT: Relationship Capital UOM FY17

Social Capital UOM FY17

TSK under ramp-up

INTEGRATED REPORT & ANNUAL ACCOUNTS 2016-17 | 110TH YEAR 15

STEEL VALUE CHAIN

Mr. Ratan N. Tata

5 Stakeholders' Relationship Mr. Andrew Robb Mr. Ishaat Hussain